One in five consumers still not made PPI claim
23 Aug 2019
With only days left until the 29 August 2019 PPI complaints deadline for mis-sold payment protection insurance (PPI) claims, the Financial Conduct Authority (FCA) is urging the 18% of consumers who have not claimed to take action
23 Aug 2019
A total of £36bn has been paid to settle PPI claims since January 2011, with figures for June this year hitting £340.4m for payments to customers who complained about the way they were sold PPI.
An estimated 64m PPI policies were sold in the UK – the majority in the 1990s and 2000s. Products that commonly had PPI attached include loans, mortgages, credit cards or store cards.
The FCA’s latest poll of the public found that nearly one in five people were still deliberating over making a PPI claim, although at least half of the ‘last minuters’ (53%) were confident they would complain ahead of the deadline on 29 August 2019.
The research has been released by the FCA as part of a drive to encourage people to act as soon as possible, so they do not miss their chance to make a decision on PPI.
In the past eight weeks, since the FCA’s final PPI advertising campaign went live, there has been a 420% increase in web users, and 269% increase in calls, compared to the previous eight weeks.
More than 5.1 million users have now accessed the FCA’s PPI website and it has received 84,733 calls to its dedicated contact centre.
Emma Stranack, the FCA’s PPI deadline campaign lead, said: 'The FCA is prepared for a last-minute flurry of enquiries. We’ve extended our PPI helpline hours to 8pm on weeknights and 5pm on Saturdays to provide further support to consumers and will be available for calls on bank holiday Monday. Ultimately, we don’t want the UK public to miss their chance to decide.
'So, if you think you might have had credit with a PPI policy attached – particularly in the 1990s or 2000s – now is the time to get in touch with your provider. You need to submit your claim by 29 August, or you won’t be able to claim money back for PPI.'
The FCA website includes a comprehensive list of providers that have sold PPI. This includes high street stores, catalogue firms, building societies and supermarkets.
To start an application, you just need your date of birth and previous home addresses.
The deadline for claim submissions is 29 August 2019. FCA support is available online at www.fca.org.uk/ppi or via the FCA helpline on 0800 101 8800.