The banks are able to take back more than £23bn in unpaid payment protection insurance compensation once the Financial Conduct Authority approves the expected June 2019 PPI deadline. New reports indicate that the £42.2m bank-finance advertising campaign is just a drop in the ocean of the possible £23bn that the banks can take back after the deadline.
According to a new campaign group the proposal for a PPI deadline set for early 2017 will limit the true figure of the PPI scandal.
Surveys by YouGove found that people thought that the government hadn’t done enough to improve bank customer service and about half of the respondents felt that the banks must inform consumers that less than half of the actually PPI is still unpaid to the victims of mis-selling.
The FCA are yet to finalise the planned deadline which is of course detrimental to the banks. Consumer groups have continued to campaign fiercely against the PPI claims deadline stating that it was unfair for customers who were sold PPI for over a decade. Currently, the UK banking industry’s total for mis-sold PPI is about £40bn with around £14bn still to be paid back to consumers.