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Calls for time limit on PPI claims

There are fresh calls to set a new deadline for consumers to make a claim for a mis sold payment protection policy.

The Director General of the Confederation of British Industry (CBI), John Cridland, believes this “ongoing saga is crippling banks and that the money set aside could be better used by the banks to help the economy”.

Mr Cridland voiced his opinion in The Times newspaper where he wrote:

“I firmly believe we now need to draw a line under PPI and I am urging the Government to consider the introduction of a statute of limitations for all PPI claims, capping the time during which legal proceedings can be initiated.

“This is money that can only be spent once and I can’t help thinking that the time has come for it to be put to work more productively through lending into the economy. Banks are hamstrung enough, rebuilding their capital buffers to inject much-needed stability in the banking sector, without this continued millstone around their necks.”

Millions of customers were mis sold payment protection insurance and currently have six years from when the policy was sold or, if later, three years from when they discovered that the policy may have been mis sold to make a claim.

The payment protection scandal has been dubbed the largest mis selling scandal in modern history, surpassing the pension mis selling scandal of 1994. The Financial Ombudsman Service (FOS), who deals with complaints when customers and financial services cannot reach an agreement, is still receiving thousands of complaints about PPI each month.

06/12/2012

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