FCA to enter legal battle over PPI deadline
A Wales based Claims Management company has been challenging the Financial Conduct Authority (FCA) over the last 12 months to lift the deadline.
The firm has said that keeping the deadline in place will mean that banks and card providers have “won the battle” as there will still be millions who will lose out as they may still be unaware that they have PPI.
The FCA decided to impose the deadline in March as they believed that this was the only way to urge customers to check if they were mis-sold PPI as otherwise the PPI saga could be ‘never ending’.
Since January 2011, there has been a total payout of £26.9billion mis-sold PPI refunds and compensation by financial firms.
The above data has pushed the Welsh firm who previously had their plea to remove the PPI deadline dismissed, to reopen the case and legally battle the FCA to get them to put an end to the campaign.