FCA announce deadline on PPI complaints
The Financial Conduct Authority (FCA) has confirmed that it will introduce a deadline for making new payment protection insurance (PPI) complaints.
The final deadline for making a new PPI complaint will be 29 August 2019.
The FCA will launch a two-year public awareness campaign in August 2017 to raise awareness amongst consumers about the deadline and how to claim for compensation.
If you can answer ‘no’ to one or more of the following questions, then you may have been mis-sold PPI.
- If the insurance was optional, was that made clear to you?
- Did the adviser tell you about any significant exclusions under the policy – for example, the exclusion that says you won’t be covered for any pre-existing medical condition?
- If you took out a loan or finance agreement, did the adviser make it clear that you would have to pay for the insurance up front in one single payment?
- If you had to pay for the PPI as a single payment, did the adviser make it clear that the insurance cost would be added to the loan and you would be paying interest on it?
- Single premium PPI insurance normally only lasts for five years. If your loan or finance agreement was for longer than this, did the adviser make it clear that the insurance would run out before you had finished paying for your loan or finance agreement? The adviser should also have told you that you would continue to pay interest on the insurance premium, even after the insurance expired.
- If you bought PPI after 14 January 2005 did the adviser try to persuade you to take it out by saying something like ‘we strongly recommend that you consider taking out PPI’? If so, the sale counts as an ‘advised’ sale and they should have issued a ‘demands and needs statement’ to show why a particular policy has been recommended and why it is suitable for you. If they didn’t, this is grounds for complaint.