From 2009, under former Chief Executive Martin Wheatley, the Financial Services Authority — transformed later into Financial Conduct Authority — had the banking industry pay for its flaws regarding the mis-selling of payment protection insurance to millions of UK consumers. The country praised the work of Mr Wheatley as the then-FSA won against banks in a UK court case.

As the crisis showed no signs of stopping and consumers tried to find time processing their PPI complaints for refunds from an insurance policy they could not hope to use, the FCA had then done something different; it had laid off Mr Wheatley and have yet to replace him permanently. The FCA, under the influence of the Bank of England, had considered the placement of a PPI claims deadline to urge consumers to make a complaint.

Consumer groups lashed against the FCA for allowing banks to have a say to ending the trouble their employees began with the £35 billion payment protection insurance. Consumer groups said banks have never made an active effort to urge consumers to make a claim themselves by informing them through letters or text messages. The process alone, including the claims analysis procedure itself, was questionable for many groups looking into the feasibility of a PPI deadline.

PPI claims management company We Fight Any Claim believes the FCA to have obstructed its constitutional responsibility of protecting consumer rights by providing banks a “way out” of its PPI ordeal through a deadline and pitting consumers into financial trouble further.