THE Financial Conduct Authority (FCA) in the UK has urged the public to make a decision about whether to complain about Payment Protection Insurance (PPI).
Abdul Haseeb Basit co-founder and principal at Elipses, an advisory and investment firm said: “PPI was a policy sold with credit products such as loans, mortgages, credit cards, store cards and catalogue credit. Millions of PPI policies were sold in the UK, mostly between 1990 and 2010.
“If you took out a credit product during this period, you may have been sold PPI at the same time. It may have been mis-sold to you. For example, it may have been added to your loan or credit without you knowing or you may have been pressured to take out PPI.
“The PPI deadline is fast approaching – so now is the time to contact your bank, loan or card company as soon as possible. You can complain to them directly for free and you can use the FCA’s website for more information.”
Recent FCA figures show that a total of £334.3 million was paid in April 2019 to customers who complained about the way they were sold PPI. This takes the amount paid since January 2011 to £35.3 billion.
Consumers who haven’t complained to their provider by August 29 won’t be able to claim money back for PPI.
The FCA has launched an advertising campaign featuring Arnold Schwarzenegger’s ‘animatronic head’ that will run nationwide across the summer.
In addition to the above, the FCA has been sending ambassadors into local community spaces such as places of worship, community centres and eateries across the country, urging people to take action on PPI.