PPI Deadline August 2019
The City watchdog is to finally draw a line under the Payment Protection Insurance (PPI) scandal by announcing a ppi deadline date for complaints set for August 2019.
For lenders it will end a mis selling scandal that has seen many billions of pounds in compensation. Around £40bn has so far been set aside by some of the countries’ biggest lenders, which more comsumers set to come forward.
When is the PPI Deadline?
The absolute final PPI deadline for complaints of 29 August 2019 was set by the UK’s Financial Conduct Authority (FCA).
The FCA said it would launch a two-year awareness campaign from this August to try and give potential compliants a final chance to reclaim their mis sold PPI money.
Chief executive Andrew Bailey said: “Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off.
“We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint.
“We have carefully considered the feedback we received and we still believe that intr
oducing a deadline for PPI complaints and a communications campaign warning of the deadline will benefit consumers.”
Last month, the Financial Ombudsman Service disclosed that it had received 78,000 new PPI complaints in the six months to last December.