£42m Needed for Campaign Awareness on PPI’s Deadline Expected to Be Set on 2018
Financial Conduct Authority has set 2018 as the deadline for PPI claims. But before the most awaited date, 18 financial firms who are receiving 90% PPI Claims will be compelled to release £42m to fund PPI deadline’s awareness campaign.
PPI (Payment Protection Insurance) is meant to assist borrowers to manage repayments for their loans even in the event of accident, illness or redundancy of death. However, this was missold to millions of individuals. And this is why claim compensation is granted to anyone who is a victim of a missold PPI. However, it seems that not everyone is taking advantage of this opportunity.
FCA conducted a research on 15,000 individuals and their finding revealed that 74% of these people are aware of Payment Protection Insurance Claims but many of them did not bother processing such claim because this privilege has an “open-ended” nature. Hence, FCA came up with a deadline to urge people to act on their PPA claims before such opportunity will come to an end. Hence, setting a deadline and making aggressive campaign about it will compel affected parties to act on the issue.
FCA believed that PPI claims can help solve many individuals especially in paying off their debts. However, complaints on missold PPI lowered down to 17% in the first 6 months of 2015. One has to note that PPI complaints can be done for free. In fact, one does not need to pay a company for assistance. And if you are wondering what your claim is worth, here is a ppi calculator. And because you can process the complaint on your own, there is no reason why PPI complaint can’t be done promptly.
With the rising PPI compensation claims processed over the years, many claims management firms surfaced in the market which requires for a fee once the person claims the cash back. The advantage of doing this is that the process becomes simpler as well as straightforward.
FCA did its part by issuing proposals to help banks end their never ending problems on missold PPI. It is suggested that a deadline be imposed in filling complaints. Hence, FCA urged claims management companies, consumers and anyone who missold PPI to reply to such consultation by February 29. This PPI missold scandal has been a dragging issue for many years now. And it is just right to end this once and for all. However, everyone has to be notified about the deadline of PPI complaints filing. And the campaign alone will cost financial firms a lot of money.