Is time running out to claim PPI mis selling compensation?
As long ago as 2014 the possibility of a cut-off date for PPI mis selling compensation claims first hit the press. However that story has gained strength with the revelation that the Financial Conduct Authority (FCA) are set to discuss this issue at a Board Meeting on 24th September.
Banks have set aside almost £30bn since 2010 to compensate customers for mis sold PPI. There have been reports of the extra provisions that many banks are making to deal with the considerable numbers of people still seeking to reclaim mis sold PPI. The Plevin case has given rise to suggestions that there will now be a fresh round of PPI mis selling compensation claims and it’s been reported that the Financial Conduct Authority (FCA) has already been considering whether additional rules and / or guidance would be necessary to implement the impacts of this case.
Earlier on this year the FCA announced that it would be looking at whether to impose a time limit on PPI complaints, whilst figures from the Financial Ombudsman Service (FOS) reveal a steady stream of complaints about mis sold PPI have continued unabated.
Solicitor Paul Cahill comments:
“Whilst the FCA are only debating this issue at the moment this news does add weight to the argument that if you’ve yet to reclaim mis sold PPI then you should be getting on with it right away. Although no time limit has yet been set and undoubtedly if one is set there will be a reasonable period the fact is that if a time limit is set the floodgates will open - so it’s wise to beat the rush.”