PPI deadline (payment protection insurance)

The FCA has set a deadline of 29 August 2019 by which consumers need to make their PPI (payment protection insurance) complaints or lose their right to have them assessed by firms or by the Financial Ombudsman Service.

The deadline will not apply where the complaint concerns a rejected claim on a live PPI policy on or after 29 August 2017 and that rejection was due to reasons connected to the sale, such as ineligibility, exclusions or limitations.

This should bring a welcome end to the volume of PPI claims experienced for most banks & building societies, not that these were necessarily unjustified, having allocated between them a lot of time and resources, not to mention many billions of pounds, dealing with such complaints.

It goes to show that protection should be dealt with by professionally qualified individuals who are able to make a proper assessment of the needs of clients, making recommendations that are appropriate and suitable.

You cannot deal with protection with a ‘tick box’ approach or by assuming (as was sometimes the case) that cover was needed unless the customer indicated to the contrary!

 

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