The UK’s financial regulator has announced a proposed cut-off date for claims over the financial mis-selling of Payment Protection Insurance (PPI).
The Financial Conduct Authority (FCA) has proposed June 2019 as a potential, reasonable deadline – and opened a welcome consultation into the matter which will run until 11 October 2016.
The watchdog is also calling upon the Government to enforce an official deadline within the next year – essential for controlling such litigation.
Once a deadline has been enforced, claimants on either side of disputes will welcome the increased certainty such a cut-off point will bring.
Andrew Bailey, FCA chief executive, said: “Putting a deadline on PPI complaints will bring the issue to an orderly conclusion in a way that protects both consumers and market integrity”.
A spokesman for the British Bankers’ Association (BBA) praised the decision, saying that the FCA’s announcement “provides further clarity for consumers on the proposed timeframe for making PPI complaints”.
However, Alex Neill, director of policy and campaigns at consumer magazine Which?, added: “If a PPI deadline is to be introduced, when millions of pounds are still being set aside for pay-outs, the FCA must work with banks to ensure that customers who might not know they were mis-sold PPI get back the money they are owed”.
Concerned parties are advised to contact legal professionals for advice.
Carter Lemon Camerons LLP Solicitors is a City law firm with experience in providing legal services to businesses and victims of financial mis-selling. Unlike many City practices we are happy to act in smaller private legal matters, bringing the same care and consideration as we do to large commercial matters. For more information about our swaps and financial mis-selling services, please contact Seamus Smyth or telephone: 020 7406 1000.