The Financial Conduct Authority’s PPI deadline could leave one thinking that millions of other consumers would file complaints and leave the entire situation dire for everyone. The PPI deadline also ends all consumer rights to make a claim for mis-sold PPI. The first one is true — millions can make a claim soon and yours could drown in it. The last one is false.

The Financial Conduct Authority is responsible for upholding fair trade practices and is responsible for the financial institutions and involved industries to uphold and practice remedying consumer rights. If it does not uphold this, then the FCA is violating the nature of its existence. This also goes beyond the PPI claims deadline set for August 29, 2019.

The Financial Ombudsman also upholds the reputation of the banking industry as a respectable and consumer-first industry by correcting all aggravations between involved parties. In the event it refuses to acknowledge a consumer’s complaint, the Financial Ombudsman also violates its primary reason to exist, which is to resolve and improve industry relations between all involved parties.

Lastly, all consumer complaints are part of a consumer’s rights. To remove this right would mean to invalidate the rights of a consumer to rightful refund. Even after the PPI claims deadline — speculated to be to remove PPI from the media’s headlines — consumers could still make a claim and receive their refunds when possible.