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The Financial Conduct Authority has imposed a deadline to permanently end claims over mis-sold payment protection insurance, the final cut off date will be 29th August 2019.
Any claims submitted after this date will not be considered and therefore any compensation due back will be forfeited.
The scandal of mis-selling PPI by banks, lenders and other financial businesses has been publicised across the UK on an unprecedented scale. So far £26 billion has been paid out in compensation. The five biggest banks in the UK have set aside over £32 billion to deal with the total bill.
This means millions of customers are still due compensation, many maybe unknowingly.
With billions of pounds still to be paid out some of that money could rightfully be yours.
Approximately 5.5 million people were contacted by their banks regarding PPI between 2013 and 2015 and given a three-year deadline to make a claim.
The Financial Services Consumer Panel, an independent statutory body, challenged the FCA’s communications in October 2016. It said it was not clear that the deadline for some consumers will be earlier than 2019. In a letter, it said all banks should “pro-actively contact their PPI customers explaining the individual deadline that will apply to their complaint, whether or not they have already done this”. The FCA refused.
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