Just one more month to go for PPI claims
BRITONS have just one month left to make a complaint to companies about being mis-sold PPI.
The final deadline for filing a complaint is August 29 or customers will risk losing the chance of getting their money back for ever.
PPI was often added to products such as store cards, credit cards or mortgages. But the insurance, intended to protect people if they could not keep up with payments – because of illness or unemployment, for example – was widely mis-sold.
Customers were pressured into buying it, did not know they had it or it was unsuitable for them.
People can also complain on the basis that high commission was earned from the sale of the policy but they were not told.
Concerns about PPI were first raised in 1998, with the then Financial Services Authority identifying poor selling practices in 2005.
An estimated 64million PPI policies were sold in the UK and the Financial Conduct Authority’s website includes a list of providers which sold PPI. The FCA is also extending its PPI contact centre opening hours from next Monday.
Emma Stranack, of the FCA, said: ‘If you think you might have been mis- sold PPI, the next step is to identify your provider – you can search the list at fca.org.uk/ppi.’