PPI Deadline Approaches

All firms involved in the sale of Payment Protection Insurance should brace themselves for an influx of potential new complaints in respect of mis-selling as the Financial Conduct Authority (FCA) launches a publicity campaign this week ahead of the deadline for the closing of claims. Consumers who believe they have been mis-sold Payment Protection Insurance must, under a deadline set by the FCA, submit their claims before 29 August 2019. In the circumstances, businesses would be well advised to prepare for a potential increase in contact from unhappy customers and to preserve all records for cases where PPI has been sold, even if those cases have lain dormant for some time.

Not only this, the FCA has advised that some customers who have had complaints rejected already may have new grounds to claim if they were not made aware, at the time of being sold PPI, of the fact that the business in question was in receipt of commission from the insurance provider.

Our Dispute Resolution Team is experienced in handling complaints relating to the mis-selling of Payment Protection Insurance and will happily assist with any queries that arise in the run up to the August 2019 deadline.

This article is for general guidance only. It provides useful information in a concise form. Action should not be taken without obtaining specific legal advice.