Resistance to time limits on mis sold PPI claims from consumer watchdogs
Fears that the report into the mis sold payment protection insurance scandal from the Financial Conduct Authority (FCA) might include a time limit on PPI mis selling complaints have prompted calls from consumer watchdogs not to impose any time limitation when consumers reclaim mis sold PPI.
The FCA report will be published next month and there are fears that the regulator has succumbed to lobbying from Britain’s biggest lenders and that the report will include a time limit on making complaints for PPI mis selling. Commentators are highlighting the end of 2016 as one possible cut-off date. Campaigners such as Martin Lewis and Richard Lloyd, the executive director of Which? have written to the FCA opposing the imposition of a limit saying that this would be to the detriment of consumers.
Solicitor Paul Cahill comments:
“The mis sold payment protection insurance scandal has been rumbling on now for years and one aspect that is regularly reported on is the increase in provisions by the lenders to compensate customers looking to reclaim mis sold PPI. Whilst many people have claimed there are still considerable numbers of people yet to claim.
“I support the campaigners and also believe that imposing a time limit would be to the detriment of customers. However, with the threat of a time limit in the future I’d urge anyone who has not yet pursued a claim for mis sold PPI to take action immediately.”
Content correct at time of publication