If you think you’ve been mis-sold PPI (payment protection insurance), you should get your claim in by June 2019. That’s the deadline being proposed.

Q. Why is a deadline being proposed?

A. The financial regulator, the Financial Conduct Authority (FCA), says that a deadline for payment protection insurance mis-selling claims should be introduced so that there is ‘finality and certainty’ for the industry (especially banks).

It also said, oddly, in my opinion, that it may encourage people to complain directly to banks rather than using claims management companies and that it may improve the efficiency of PPI complaints handling. I don’t follow the logic for this at all.

It first mentioned this idea almost a year ago and is now responding after the feedback it received.

Based on what the FCA has said today, the deadline is very likely to go ahead, although it’s not definite. Consumers, consumer groups and banks have until October 11th to respond to the latest plans. You can give feedback using anonline form from the FCA.

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Q. When would the deadline be?

A. The deadline would be June 2019 at the earliest, although it could be later. It will be imposed two years after the rule was imposed to introduce the deadline.

Q. How will I know when the deadline is?

A. The FCA, the financial regulator, says there will be a major publicity campaign to alert people to the fact that there will be a deadline. It will include information on how to complain directly to your bank.

Q. Won’t this mean I get plagued by more PPI claims companies in the run up to the deadline?

A. I’m afraid it is possible. There are plans to impose a cap on the amount of money that claims management companies can charge, but there’s no guarantee that this cap will be in force by the time the deadline for claiming against mis-selling of PPI has been imposed.

It’s Never been easier to reclaim your historical ppi

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Q. Is there a particular issue for women?

A. The regulator, the FCA, says that men are more likely to have bought PPI, but also more likely to have complained. Women in the UK are less likely than men to complain (the FCA says this is due to slightly lower financial knowledge and familiarity).

The FCA says that its publicity campaign will be effective (it’s already been tested on women-only groups) and it will re-test the publicity.

Q. What should I do?

A. If you think you may have been mis-sold PPI in the past, you should contact your bank, loan or credit card provider. Most banks and credit card providers have information on their websites about making a complaint about PPI.

You can make a complaint if:

  • You were self employed. The vast majority of PPI policies won’t pay out if you’re self employed or on a fixed-term contract and you lose your job/work.
  • You had medical problems you weren’t asked about. PPI policies rarely pay out for ‘pre-existing medical conditions’ — illnesses you’d suffered from before you took out the policy.
  • You weren’t told about exclusions. In many cases, policyholders weren’t told that stress, pregnancy or back problems weren’t covered.
  • You were retired or over 65 or older at the time. If you were retired you wouldn’t be able to claim on the policy in the first place and if you were aged over 65 or 70 (even if you were still in work) you might not have been covered as most policies have an upper age limit.

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It couldn’t be easier to complete your historical PPI Check

Today you can complete a full check on your PP history within seconds. All they need from you is to fill out a quick online check which can be complete in seconds. This will search your previous accounts not only for PPI but also PBA (packaged bank account charges) simultaneously. You can complete such a quick online check here.

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