According to sources attached to the Financial Conduct Authority, 2018 is the year predicated as the date when PPI claims will be stopped. The FCS has spent the past several months, studying how to implement a ppi deadline and the best way in which to formulate this.
Now, the FCA has apparently informed the major 18 financial banks and building societies who are paying out for the majority of ppi claims cases, that they need to spend £42 million to start a campaign which would inform customers of a 2018 ppi claims deadline.
The FCA has been rumored to have begun the process of creating a ppi claims deadline due to the apparent fact, that recent studies have shown that a large proportion of the UK public still do not fully understand what PPI and PPI claims are.
And other people who are eligible to make a PPI claim, are holding of from making a compensation claim, due to their belief, that the claims process is ‘open-ended’ and that there is no rush in making a claim.
This news comes in the light of new data showing the number of new ppi claims in the first six months of 2015, were down 17 percent from the year before. Since 2007, nearly £21 billion has been paid by the banks to people who were mis sold payment protection insurance.