There has been a lot of debate over recent months as to whether banks deserve a PPI claims deadline, with the Financial Conduct Authority looking to have finally made a decision and agreeing to give them one. The FCA is even urging consumers to cash in quickly, making it clear that once the deadline passes no further claims will be legitimate. The estimates at this point place the deadline at sometime in early 2018, with an announcement set to be made early next year. Banks have been keen to bring a close to the mis-selling scandal for quite some time, and it looks like the FCA will be giving consumers just two and a half years to get their pay-out organised.
The fact that there is such a short period of time left to claim is leading the City Watchdog to set up a campaign that will highlight the deadline once it is declared, making sure that people understand the time they have left. There seems to be a certain amount of compromise expected from this campaign, as although the regulator does want to bring the scandal to a close, it also doesn’t want customers to miss out on payments, and so is asking the banks to fund the marketing.
Once the deadline was been reached, whether early 2018 or not, the Financial Ombudsman Service will no longer process PPI complaints, giving the banking industry a chance to move on from the scandal and recoup some of the £24bn in compensation they have lost. The deadline has been something that banks have been craving for quite some time, and finally seem to have got their wish.
Over the next two and a half years we are expecting further billions to be added to this total, thanks in part to the ground-breaking Plevin vs Paragon case in 2014, in which a consumer accused Paragon of unfairly refusing to declare the commission they received from a PPI payment. If this ruling can now be applied to banks across the industry, then the FCA anticipates that a fresh wave of claims is inevitable. It is a case that we have been keeping a very close eye on at Enjay Claims and one that we see as a landmark victory for consumers everywhere.
The argument for and against an unrelenting assault on the banks continues to rage, as those who have been wronged can rightly declare that the money belongs to them, and the banks that this amount of compensation can only cripple the system and thus the country. Whichever side of the fence you fall on, the FCA does believe that a considerable amount of complaints are still yet to be made. With a deadline now in place it is hopeful that more people will come forward and those deserving will receive their compensation.
With the average PPI pay-out around £2,750, and an expected £10bn in claims still outstanding, now is the time to check whether you have a case. By speaking to the team at Enjay Claims we can help you to clarify whether you received enough in compensation if you have already claimed, or whether you have a valid claim should this be your first time.
Having someone on your side who understands the system and can act on your behalf well before the deadline can be invaluable. This is why we urge you to speak to Enjay Claims sooner rather than later and call our Freephone 0800 612 7958 today. By working closely with us you can clarify your situation and ensure you receive the compensation you deserve in the time you have.