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Banks Desperate for a PPI Compensation Deadline

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With a fresh wave of compensation claims anticipated over the coming months from consumers who have been mis-sold PPI in the past, banks have desperately been calling for regulators to give them some reprieve by placing a claims deadline in place. With bills already cruising into the billions, it has been the recent addition of £1.4 billion to the compensation bill of state-backed Lloyds Bank that seems to have sparked the banks into action and the pleas to suddenly be louder.
The deadline is being referred to as a ‘Time Bar’, with senior officials citing the £27 billion bill that has already been calculated as proof that the banks are struggling and that compensation packages should only be valid up until a certain point. The landmark case of Susan Plevin earlier this year also seems to have elicited a fearful response, with many more consumers given a new way in which to claim, whether they have already done so or not.
The fear that additional billions will be added to the bill has had banks desperate for a Time Bar to be put in place, with the industry already weighed down by the compensation claims that have been made. The Financial Conduct Authority has confirmed that they will be looking into a decision over a deadline in the coming months, to see whether a Time Bar should be put in place, and whether that should be a date or a quantity of compensation cut-off.
The FCA is going to struggle to keep everyone happy either way. Should they refuse a Time Bar, there is the risk that banks will consider themselves as having been severely punished, perhaps more than they should have been. Put a deadline in place and consumers may feel that banks have been let off the hook. Either way, in light of the landmark Susan Plevin case, it is crucial that you check your own situation sooner rather than later.
By speaking to Enjay Claims today, you are ensuring that your claim can be put in place well before any Time Bar is set, and that you are able to take advantage of the doors that have been opened thanks to the Supreme Court’s rulings. Simply call us on Freephone 0800 612 7958 today and make sure that the money you are owed comes to you.

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