PPI claim deadline: How to get a refund on policies - even if you weren't mis-sold
MIS-SOLD Payment Protection Insurance (PPI) claims must be made by August 29 2019, after the regulator introduced a deadline for complaints to be filed.
Anyone who believes they may have had the insurance policies and wants to make a complaint or claim for a refund now has two years to act.
The Financial Conduct Authority (FCA) has also launched new guidelines for complaining about PPI, meaning people could be entitled to compensation - even if they were not mis-sold.
If a customer has previously complained about the policies and had the complaint rejected, they may still be entitled to compensation if the provider earned a high level of commission from selling PPI.
PPI policies were widely sold before 2010, but in many cases banks and credit card companies extended the products to people who would never have been able to claim.
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The insurance was typically sold alongside loans, credit cards, store cards and mortgages mostly between the 1990s and 2010.
In the hope of drawing a line under the scandal, the FCS has given a deadline for PPI claims.
Providers have now refunded billions of pounds in PPI, and thousands of claims continue to be made every month.
The regulator has also launched a dedicated phone line to help customers 0800 101 8800, and updated online information.
Arnold Schwarzenegger will feature in a FCA campaign to create awareness of the deadline to make a complaint about PPI.
Andrew Bailey, FCA chief executive, said: “Our campaign aims to cut through the noise on PPI.
"We want to encourage people to decide whether to find out if they had PPI and whether to complain or not.
"Our message, and Arnie's, is ‘do it now’ and I urge people to make a decision before the deadline on 29 August 2019.”
Alex Neill, managing director of consumer campaign group Which?, added: “With just two years left for consumers to claim compensation for mis-sold PPI it is worrying that so many are unaware of this deadline, while others have been put off from claiming because they think it’s too much hassle or they don’t want to pay a fee.
“The FCA campaign must encourage more people to claim, including previously unsuccessful claimants to re-submit their complaint due to the new Plevin ruling which has made thousands more consumers eligible for compensation.
"Consumers who were mis-sold PPI should act now – time is running out.”