The PPI Deadline
The Financial Conduct Authority has issued a deadline on PPI reclaims which will be enforced on 29th of August 2019.
When did they issue the deadline?
The PPI deadline was issued by the FCA on the 2nd March 2017.
If consumers wish to reclaim mis-sold PPI then they must make a claim by 29th August 2019.
Why is there a deadline?
A statement from Andrew Bailey, Cheif Executive of the FCA states:
"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. "
How will this effect my on-going PPI reclaims?
This will have no affect on any on-going PPI reclaims, these will continue to be processed as normal.
All mis-sold PPI claims will need to be made by 29th August 2019, there are no exceptions.