FCA CALLS ON CONSUMERS TO ‘ACT NOW’ AS PPI COMPLAINTS DEADLINE GETS CLOSER

There is just over a month to go until the 29 August 2019, the PPI complaints deadline. The Financial Conduct Authority (FCA) which regulates the financial services sector and protects UK consumers is urging people to make a decision, before it’s too late, about whether to complain about PPI (Payment Protection Insurance).

Recent FCA figures, show that a total of £334.3m was paid in April 2019 to customers who complained about the way they were sold PPI. This takes the amount paid since January 2011 to £35.3bn.

Abdul Haseeb Basit Co-Founder & Principal at Elipses, an advisory and investment firm said: “PPI was a policy sold with credit products such as loans, mortgages, credit cards, store cards and catalogue credit. Millions of PPI policies were sold in the UK, mostly between 1990 and 2010.

“If you took out a credit product during this period, you may have been sold PPI at the same time. It may have been mis-sold to you. For example, it may have been added to your loan or credit without you knowing or you may have been pressured to take out PPI.

“The PPI deadline is fast approaching – so now is the time to contact your bank, loan or card company as soon as possible. You can complain to them directly for free and you can use the FCA’s website for more information. You don’t have to use a claims management company as providers are supposed to make sure that complaining about PPI is straightforward.

“I’m supporting this campaign as I want to ensure that South Asian communities are aware of the deadline and act now if they want to complain.”

To emphasise how pressing the deadline is, the FCA has launched another advertising campaign featuring Arnold Schwarzenegger’s ‘animatronic head’ that will run nationwide across the summer. In addition to this, the FCA will be sending ambassadors into local community spaces such as places of worship, community centres and eateries across the country from the 9th July, urging people to take action on PPI before it’s too late.

Emma Stranack, FCA’s PPI Deadline Campaign Lead, said: “Time is running out to claim back money for PPI. Simply put, if you haven’t complained to your provider by 29 August 2019, you won’t be able to claim money back for PPI – so you should make your decision as soon as possible. Checking if you had PPI is simple and free. Don’t worry about paperwork, you only need your date of birth and relevant previous addresses. Search FCA PPI or call 0800 101 88 00 to find out how.”

Consumers who haven’t complained to their provider by 29 August 2019 won’t be able to claim money back for PPI. FCA support is available online at fca.org.uk/ppi or by calling the FCA helpline on 0800 101 8800. You can ask if you need information in another language or format.