Payouts to customers who were mis-sold payment protection insurance (PPI) have now reached more than £27 billion – and they’re going to continue.
The Financial Conduct Authority (FCA) – which has set an August 29, 2019 deadline for making a new PPI complaint – has allotted £42.2 million for a two-year consumer communications campaign on the matter, according to a
City A.M. report.
For May 2017 alone, payouts reportedly amounted to £260 million – the highest value per month since June last year. Less than three weeks ago,
The Times said banks are likely to shell out another £500 million amid further claims between now and August 2019.
Claims management company We Fight Any Claim earlier challenged the FCA’s imposed deadline, arguing that more time should be allowed to wind up claims.
City A.M. reported that the legal challenge was rejected in the High Court last Friday.
“Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off. We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint,” said FCA chief executive Andrew Bailey last March.
FCA’s consumer communications campaign on PPI will be launched on August 29.
Related stories:
Legal challenge launched to PPI claims deadline
