In the past six years, over £27 billion has been paid out due to mis-sold PPI. Millions of people in the UK are owed money by their bank or credit card providers for mis-sold payment protection insurance (PPI).
The banks have suffered massively for the mistakes they have made. However, they aren’t the only ones suffering from PPI claims. The Financial Ombudsman has been struggling with PPI claim cases being referred to them for final decisions. The ever-increasing backlog of complaints means that some consumers are waiting up to two years for claims to be resolved.
The Financial Conduct Authority (FCA) decided that a deadline needed to be put in place for people to make claims — that date is 29th August 2019. This means that consumers have two years to contact a PPI claims company or to make a claim themselves. The FCA is hoping that a deadline will encourage people to make claims and not put it off any longer.
Two years may seem like a long time, but it can take banks months to resolve a claim. If you are unhappy with your result, it will take even longer if referred to the financial ombudsman.