The City regulator is launching a final push over compensation for payment protection insurance (PPI), as next month’s claims deadline approaches.
The Financial Conduct Authority is urging consumers to “jog their memories” back to the 1990s and 2000s, when they may have been mis-sold PPI. The total amount of compensation paid to people over the scandal now stands at more than £35bn.
The final deadline for lodging a PPI claim is 29 August 2019. Anyone who has not complained to their provider by that date will not be able to claim money back.
As many as 64m PPI policies have been sold in the UK, mostly between 1990 and 2010. Banks and other financial institutions pushed the policies alongside loans, credit cards and other deals, telling consumers it would help them repay debts in the event of sickness or unemployment. However in many cases, exclusions in the small print meant customers could never make a claim.
The FCA said it was urging consumers to jog their memories by visiting its website, which includes a comprehensive list of providers that have sold PPI. This includes high street stores, catalogue firms, building societies and supermarkets.
It is also extending its PPI contact centre opening hours from 5 August – to 8pm on weeknights and 5pm on Saturdays – to provide further support to consumers.
Research issued by the regulator shows that 72% of UK adults hit a “significant milestone” during the 1990s and 2000s that might have required taking out a financial product linked to PPI. Forty-nine percent bought a car, 35% purchased a house, and 27% got married. More than four in 10 people recalled taking out credit to help fund these, including products that commonly had PPI attached such as loans, mortgages, credit cards or store cards, said the FCA.
Emma Stranack, who leads its PPI deadline campaign, said: “With just over four weeks to go until 29 August 2019, we’re asking people to cast their minds back to the 90s and noughties and what might have caused them to take out a loan, credit card or other finance agreement.
“If this rings a bell and you think you might have been mis-sold PPI, the next step is to identify your provider – you can search FCA’s list at fca.org.uk/ppi. Providers have online tools that make PPI claims simple and will help you through the process.
“It’s free to do yourself and you don’t need to worry about paperwork. You just need your date of birth and previous home addresses to get started.”