CMC Makes Good On PPI Claims Deadline Legal Challenge
We Fight Any Claim continues its fight against the Financial Conduct Authority to postpone and ultimately cancel the PPI claims deadline. On the context that the FCA has abandoned its responsibilities to prioritize the welfare of consumers, the CMC had leaned on the reasoned opinion of Stephen Knafler QC, who said for the FCA to impose a PPI claim deadline would mean a violation of the constitutions that materialized the watchdog’s existence.\
According to We Fight Any Claim, only the banks and lenders would benefit from the said deadline. Ordinary UK consumers are likely to lose their recompense, even with the PPI claims consumer communications campaign.
FCA Boss Andrew Bailey said the August 29, 2019 deadline is ample enough time for consumers to begin and finish their PPI claims.
The FCA’s consumer communications campaign involves a public service announcement aired through a TV commercial. It was said California Governor Arnold Schwarzenegger would use his voice for the “Total Recall” movie – based commercial setting, which juxtaposes consumers who might have forgotten if they had purchased PPI.
UK’s PPI bill had seen £26.9 billion paid out to consumers mis-sold the insurance policy. The new deadline, according to the FCA, would allow banks to set expectations on the number of complaints they would possibly receive and prepare accordingly for the influx of PPI complaints.