The PPI Landscape has Changed Again

The mis-selling of payment protection insurance (PPI) and the subsequent compensation process has changed the banking landscape in the UK.

Some say that the PPI mis-selling was and is symptomatic of a banking industry that had become too powerful, with no real organisation to whom it had to answer.

However, the landscape has changed…

29^th August 2019 – save the date!

It may be wedding season here in the UK but this save the date is about making sure you get your PPI compensation claim in before this date, otherwise face losing out.

The Financial Conduct Authority (FCA) warned that a deadline was coming and even though they have given consumers more notice than originally thought, the time has flown by. We are now less than 12 months away from the PPI deadline date.

Although they had previously been unsure about imposing a PPI deadline, realising that they were fighting a growing sense of apathy amongst consumers, they decided to act.

Their solution was to tell people by when they needed to make a claim and although most people thought it would be summer 2018, the FCA sprung a surprise with its ‘save the date’ cards. They suggested another year on top of this, making August 2019 the deadline date.

The banks react

The banks reacted with a sense of shock, surprise and bewilderment.

They had supported (possibly suggested) summer 2018 and were gearing up their resources and campaign strategies to give money back to their consumers. The shock announcement of August 2019 being the date meant banks were unsure how to react.

And this in itself should give people confidence in the FCA. Although it can be argued that the FCA is pandering to the banks by imposing a deadline in the first place, their strength in the face of pressure from the banks to impose their favoured deadline is a sign of how much the British banking industry has changed – and how much it has been forced to change.

How this impacts on YOU!

The FCA made the announcement on 11^th October 2016 and Payment Protection Scotland was at the front of the queue in bringing you the news that affects you and your claim.

But our suggestion is this: if you have a claim for PPI compensation don’t wait for the deadline. Start your claim right away.

Simple, straightforward claims can be resolved within weeks but if there are issues, your case may need to be referred to the Financial Ombudsman.

Don’t fall foul of the deadline, make a decision and start your claim today!

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