Banks Want PPI Claims Deadline

Banks Want PPI Claims Deadline.

UK Banks via the British Banking Association (BBA) are lobbying the financial industry regulator, the Financial Services Authority to set a cut-off for PPI claims to be made.

In short, any claim made after April 2014, should be deemed too late.

Payment Protection Insurance (PPI) was sold as a lump sum loan or mortgage protection insurance and in many cases added to you loan and yet many people would never have been able to claim.

Our view
Banks are inundated with complaints.  The Financial Ombudsman Service is overwhelmed with literally hundreds of thousands of PPI disputes and are having to take on 1,000 new staff just for PPI.  Many claims companies are also abusing the position with false text/sms messaging and pressure techniques to get you to claim.

We believe the public are saturated with PPI claims news and opportunities if they feel they have a claim.  A cut-off date to bring this sorry chapter to a close appears sensible for all.