To curb the PPI scandal, the Financial Conduct Authority (FCA) had announced a PPI claims deadline by August 29, 2019. Having every consumer mis-sold PPI is achievable for the FCA if it proceeds with a “consumer communications campaign,” according to its assessment. Among all the Hollywood representatives for PPI, Arnold Schwarzenegger gets a huge fee to use his voice to urge UK consumers to look at their financing and see if they were mis-sold PPI.
PPI is the UK’s biggest insurance scandal worth £35bn at present. The insurance scandal dragged on for years since the 90s as the real-estate boom had allowed bank employees, wrongfully motivated by incentives for higher work volume, to mis-sell the insurance policy to consumers ineligible for the insurance in the first place.
Consumer groups have condemned the FCA PPI claims deadline because banks have yet to iron out the folds in their PPI claims procedures, which lead to unfair rejections of valid consumer claims. However, the PPI deadline is set to push through despite these complaints and criticisms