Is time running out to claim for mis sold PPI?
The latest data from the Financial Ombudsman Service (FOS) shows falling numbers of complaints for mis sold payment protection insurance although even these lower numbers dwarf the level of complaints it receives for other financial products. Despite reports that PPI complaints are expected to take years to work through there is pressure from the British Bankers Association (BBA) upon the Financial Conduct Authority (FCA) to impose a deadline on submitting complaints for mis sold PPI. Solicitor Paul Cahill assesses what these latest developments could mean for those yet to submit a claim for mis sold payment protection insurance.
“Clearly the BBA as the body representing the banks have a vested interest in trying to limit the time that people can make a claim for mis sold payment protection insurance. The banks want to put this sorry business behind them and they also want to be able to stop making provisions for PPI compensation in their business results.
“However, as the results from the FOS – the ombudsman service show whilst the number of complaints referred to them for PPI mis selling is decreasing it still remains at significant particularly when compared with levels of complaints for other financial services. There remain a disturbingly high number of people who can reclaim mis sold PPI who have yet to claim.
“I have mixed feelings about the imposition of any deadline. On the one hand a deadline would encourage those people who haven’t yet taken any action to seek compensation for mis sold payment protection insurance to get on with it! On the other hand consumers have forked out their hard-earned cash for insurance that wasn’t needed and so why should there be any restrictions on when they reclaim mis sold PPI?
“What is important though is that anyone who has yet to claim for mis sold PPI does take action now. Whilst no decision to impose a deadline has yet been made the calls to limit the time to claim are coming more frequently. Don’t find yourself in the position where the time to reclaim mis sold PPI has run out!”
Content correct at time of publication