The Financial Conduct Authority’s Official PPI Compensation Deadline Statement
Consumers have gone a long way since 2009 as they tried to prove mis-sold PPI did exist thanks to consumer groups Which? and MoneySavingExpert. But all things must come to an end. Even though these two consumer groups deemed it unfair, the Financial Conduct Authority had begun consultation on imposing a PPI compensation deadline at the spring of 2018.
However, it seems it wouldn’t be unfair to consumers given the FCA will clarify everything.
PPI Compensation Communications Campaign
As the FCA imposes a deadline, it mentions creating a huge campaign encouraging consumers who have yet to make a PPI claim.
Consumer claim laziness is one of the reasons the FCA is consulting to create a deadline.
Consumer groups said some consumers take time as they try to figure out how to make a PPI claim and come out on top and now that privilege will be lost because of a 2018 deadline.
Plevin v. Paragon Personal Finance
The FCA said it is consulting on the authority’s possible actions for complaints similar to the Plevin v. Paragon Personal Finance wherein brokers do not disclose high-commission sales of PPI to their customers.
In the Plevin case, Susan Plevin was awarded her PPI refund because her broker failed to tell her about the high commission behind the sale of her mis-sold PPI.
Meanwhile, cases of these type still fall into the mis-sold PPI category, subjecting them to the possible 2018 deadline.