Watchdog’s PPI ad blitz

FCA to highlight 2019 deadline

TIME is running out to claim compensation on tens of millions of potentially missold PPI policies.

City watchdog the Financial Conduct Authority will launch an advertising blitz later this month highlighting a deadline for lodging claims.

People who think they may have been missold PPI (payment protection insurance) have until August 2019 to complain.

Up to 64 million PPI policies may have been flogged in the 1990s and early 2000s on everything from mortgages and credit cards to personal loans. However, only around 12m people have had compensation.

The payout to date – more than £27billion – is Britain’s biggest mis-selling scandal.

But millions more people could be owed money.

Banks and other financial firms have set aside £40bn to cover payouts, which it is estimated could eventually top £100bn.

The FCA will unveil a campaign on August 29 – two years to the deadline – to encourage people to act. It comes despite a claims management firm vowing to fight to extend the deadline.

We Fight Any Claim has vowed to continue a legal battle despite a High Court judge refusing its attempt to bring a judicial review.

Martin Lewis, of Moneysavingexpert, has branded the deadline a mistake.

He said: “Until we can trust the banks to deal with complaints fairly in the first instance, this move to protect their balance sheets should not happen.”