PPI policies have been mis-sold by some firms in the past. Instances of mis-selling may have been occurred alongside the sale of loans, credit cards, mortgages, and other types of credit, as well as some “stand alone” PPI policies. The deadline for submitting a complaint falls on August 29 this year. Ahead of the upcoming date, the Financial Conduct Authority (FCA) are urging consumers to consider whether or not they’ll seek compensation.
Having launched their latest campaign on the matter, Emma Stranack, FCA’s PPI Deadline Campaign Lead spoke to Express.co.uk about the impending PPI deadline.
“It is important to make a decision whether or not to make a complaint about PPI because the deadline is fast approaching,” she said.
“With just over two months to go until the 29th August deadline, consumers need to make a decision now before its too late.
“So far, £35.3 billion has been paid out to customers who complained about the way they were sold PPI.”
So, how soon can a complainant expect to hear back from the company in relation to the complaint?
Ms Stranack explained that this must be within two months of the consumer getting in touch with the complaint – but it may take less time.
But, according to the FCA’s PPI Deadline Campaign Lead, that’s not to say that there’s time to waste.
“Firms must send you a final response in writing within eight weeks of receiving your complaint. It can take less time, but with the deadline pressing, they may be busy so it’s best to act sooner rather than later,” she said.
“The average payment for PPI mis-selling is around £1,700, but it can be much less for some people or much more for others.”
So, how simple is it to find out whether a person was sold – and potentially mis-sold – PPI?
“The process of checking whether you had PPI is simple and free – all you need to get started is your name, date of birth and previous addresses,” Ms Stranack explained.