The Financial Conduct Authority (FCA) has announced a deadline of 29 August 2019 for people to make new payment protection insurance (PPI) complaints.
The FCA plans to run a two-year communications campaign from August this year to encourage people to act before the deadline.
If you have ever taken out any kind of consumer loan, credit card or mortgage, you may have been mis-sold PPI.
If you make a new claim between now and the deadline, you will still be able to appeal after the deadline of 29 August 2019 if it gets rejected.
You may have been mis-sold PPI if any exclusions were not explained to you, or if the insurance was optional and this wasn’t made clear to you at the time you purchased it.
Use our PPI mis-selling checklist to see if you were mis-sold it and if you have a claim.
Banks need to do more
Which? director of campaigns and communications Vickie Sheriff said: ‘It’s been clear for years that the banks should be working much harder to resolve PPI claims fairly.
‘The current process has been wholly inadequate and driven too many consumers to use claims-management companies.
‘Now that the regulator has confirmed a deadline for the victims of this mis-selling scandal to make a claim, it must ensure that banks are doing much more to help customers get back the money they are owed.’
Making a complaint is free and most people should not need to use a claims-management company to assist them.
If you have already made a claim and think anything is incorrect or that you have been unfairly treated, your first port of call should be your bank.
If you still don’t think the amount in the bank’s final offer is fair, you have the right to contact the free Financial Ombudsman Service to ask a question or challenge a decision.
Read our guide to taking a complaint to the financial ombudsman.
Rejected claimants could re-apply
Following the Supreme Court ruling in Plevin vs Paragon Personal Finance Ltd, people can now make a claim for ‘undisclosed high commission’ on PPI.
This means that if you have already made a PPI claim that was rejected, you can make a new complaint to your bank about ‘undisclosed high commission’ using our free tool or template letter.
The FCA is now requiring firms to write to previously rejected complainants who are eligible to complain in light of the Plevin case to ensure that they understand they may be able to claim again.
You may be able to complain if you think your provider earned a high level of commission from your PPI; however, it is unlikely you would have been told how much of your PPI payments were to cover commission charges.
The FCA has published an infographic on the new basis for making a PPI complaint.