The UK’s mis-sold PPI saga turns 10 this year. However, the entire fiasco has yet to be resolved even after the August 29, 2019 deadline imposed by the Financial Conduct Authority. However, the FCA promises that its advertising campaign can help raise awareness about processing for refunds, and vows to have banks improve the existing claiming systems.
The UK’s advertising campaign is set to launch by the end of August. The £42.2m campaign is funded by 18 banks who receive more than 90% of complaints through previous levies imposed by the FCA.
The FCA had also asked the banks to make PPI Claims easier because of the possible increase in demand in the next few years. According to an FCA spokesperson, the watchdog will make sure that the increase in complaints will not affect the banks’ quality of service for processing consumer claims.
Meanwhile, the UK financial services mediator, the Financial Ombudsman, said on Tuesday that 80,234 new complaints between April and June saw a fall in the number of complaints for mis-sold PPI. However, it pointed out that 40 per cent of customers had their complaints upheld, and PPI is still leading in the number of complaints the Ombudsman processed.