When was the PPI deadline set?
The official date of the PPI deadline set goes back to the 2 March 2017. To provide consumer decision support on the issue of PPI pre-deadline actions, in August 2017, the FCA established to start running a two-year consumer awareness campaign.
Why deadlines matter?
According to Andrew Bailey, the CEO of the FCA, setting a deadline encourages people who may have a mis-sold PPI to take action. In his view, two years is an appropriate time limit to decide whether they want to make a complaint or not. In FCA, they aim at attentive and thorough consideration of the received feedback. They believe that setting a deadline for PPI complaints as well as an awareness campaign noticing about its end date will work in consumers’ favor.
How can the deadline set affect my current claim to Gladstone Brookes?
The established deadline does not affect the existing claims; it applies only to the new ones. If you are not sure about your possible claims on the past financial contracts, there is a new verification procedure by FCA. The purpose of this procedure is to simplify the checking your PPI existence on any of your agreements. Besides, our pre-application team has already created an approach that permits us to verify it for you.
What happens post-date?
The PPI deadline set refers ONLY to the new claims. If the lender has received your claim ahead of the scheduled time, you have nothing to worry about — you can reckon on the application processing. Postdeadline claims are expired and are not under the lender’s consideration anymore.
Are there any deadline exceptions for some claims?
No, there are not. The deadline is absolute.
What if my claim rejected?
If you get an official refusal of your claim from your lender, you can escalate to the Financial Ombudsman Service (FOS) to appeal against the decision. Please note that this process is time-critical and you have to apply within six months from the day you got a rejection letter. In other cases, you forfeit the right to appeal.
Is there any other end date to make a claim?
Yes, there is. There have been cases when the consumers got the formal notices from their lender, advising to make a formal complaint if they consider their PPI mis-sold. Due to consumer law, the consumer shall lose the right to make a complaint three years after the moment he or she becomes aware of the issue. The FCA consumer panel states that over 3 million people have already lost this right, and around 1.2 million people will soon.