The Fight Continues...Aug 28, 2017
More complaints were made about PPI than any other financial product during the last three months of 2016
With the announcement last year of a proposed 2019 time bar for reclaiming Payment Protection Insurance (PPI), you could be forgiven for thinking the PPI scandal is simmering down.
The Financial Conduct Authority (FCA) announced plans for the deadline to come into force from the middle of this year, along with a public awareness campaign. This is despite billions of pounds still being owed to millions of people who were originally mis-sold PPI in the first place. So, is that the end of PPI claims? Do those who think they might have been mis-sold PPI have to accept their losses and move on? Will claims companies disappear? Certainly not.
Data published by the Financial Ombudsman Service (FOS) this week shows that more complaints were made about PPI than any other financial product during the last three months of 2016. The FOS revealed that it received 70,908 complaints in the last quarter of the year, with more than half of these complaints relating to PPI. A total of 36,065 new PPI cases were opened in this time. And this wasn’t just the case towards the end of the year. PPI was also the most complained about product in the previous three months, according to Moneywise.
Not only are thousands of consumers continuing to fight for their compensation, many of them are successful too. The latest figures showed that in the fourth quarter of the year, 44% of all PPI complaints that reached the FOS were upheld in favour of the consumer, well ahead of the industry average of 37%.
Consumers are not giving up on the PPI scandal, and neither are we. We don’t think there should be pressure on consumers to claim their own money back by 2019, or risk missing out on what is rightfully theirs. Although the June 2019 deadline date is still yet to be confirmed, we will continue to fight for our customers’ rights to reclaim what was originally mis-sold to them.
The Alliance of Claims Companies (ACC) is a collective group of CMCs that are working together to promote access to justice and fair customer outcomes within the financial industry. Believing the regulators should act to protect consumers from bad practice, including the proposed deadline, they have formed the ‘Payback Time’ campaign to challenge the decisions being made by the government and regulators over PPI timebar plans. They have commissioned YouGov to undertake research as part of the campaign, which you can read about here.
If you think you might’ve been mis-sold PPI, join millions of consumers in making a claim against your bank or lender. 82% of our successful customers didn’t think they had PPI. To put this into perspective, out of the 36,065 successful complaints at the end of last year, around 29,500 of those probably didn’t expect their claim to be successful. Whether you claim through a claims management company like ourselves, and take advantage of our no win no fee basis, or take another route, make sure you claim. You have nothing to lose, and perhaps a lot to gain.