- On August 29, 2017
You know those annoying Payment Protection Insurance (PPI) calls and texts that we’ve all been getting for years? Well don’t be surprised if you start receiving even more over the coming months.
The Financial Conduct Authority (FCA) has announced that anyone wishing to make a claim must do so by August 29, 2019.
And to highlight the fact, the FCA is launching an advertising campaign to ensure that as many people as possible realise they may be entitled to compensation, complete with a model head of Hollywood star Arnold Schwarzenegger featuring in its TV commercials.
So far some 12 million people have claimed compensation for being mis-sold PPI and in the region of £27 billion has been paid out.
But it is believed that millions more may be entitled to refunds and compensation and they are being urged to come forward.
Throughout the 1990s and up until around 2010 PPI, which is designed to cover loan or debt repayments if someone becomes ill or loses their job, was mis-sold to millions of people.
Often these insurance policies were sold to people without it being fully explained what they covered. In some cases, according to a BBC probe, people were told PPI was compulsory or it was simply added to the loan without the borrower’s consent.
Simpler Claims Process
The FCA’s new campaign is being funded by 18 firms that combined receive 90% of complaints about PPI. They include banks and other providers.
As part of the advertising campaign, these firms have been asking to make various improvements to the way people can complain to them about PPI to ensure it is quicker and easier to do so.
The changes include:
- Check online if they had PPI
- Complain online about PPI using a simple, straightforward form
- Find more information about PPI online.
The online improvements are also expected to include support for people using assistive technology or with accessibility issues.
In addition to these change, firms will now be offering a simplified process for people who have had complaints rejected in the past but who want to make a new complaint regarding high levels of commission earned on the sale of PPI.
The FCA said it will be monitoring firms throughout the campaign to ensure they are complying with the new procedures.
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