Millions missold PPI still eligible to make compensation claims

The campaign has been designed by the FCA, which introduced the deadline to bring to an end over a decade of complaints about PPI. It was mis-sold on millions of policies across the country, including in Walsall.

Nearly 300 people in York have claimed back a chunk of the £128million recovered by First Target Recoveries, a leading mis-sold PPI and SIPP claims specialist, which has dealt with more than 69,000 claims since 2011.

Some 12 million people have received compensation, which equates to 24 million policies, with complaints on another 4 million policies turned down.

The marketing scheme is being funded by 18 firms who reported more than 100,000 complaints against them between August 2009 and August 2015.

Nick Baxter, chairman of the Professional Financial Claims Association (PFCA), estimates that around 80 per cent of the 64m policies referenced by the FCA were mis-sold. It’s unlikely that the bank will ignore you since the court ruling though – this could get them in a lot of trouble, especially if you go on to prove that you were mis-sold PPI. “The measure of the success of that campaign will be how far we [break] into the amount that’s owed”.

FCA chief executive, Andrew Bailey, said: “Our campaign aims to cut through the noise on PPI”.

The campaign launched on Tuesday is aimed at helping people decide whether to make a claim or not, and could lead to a sharp rise in complaints and further compensation payouts by the banks, the FCA said.

“Our message, and Arnie’s, is ‘do it now” and I urge people to make a decision before the deadline on 29 August 2019’.

Now the FCA has ruled that there should be a new mis-selling category dubbed “Plevin”, which means banks must consider compensation where a commission was taken.

Payment protection insurance (PPI) is, or rather was, insurance sold by companies to people they gave loans to – these included cash loans and even credit cards.

It’s easy to make a PPI claim alone, and you won’t have to share part of the money you receive with any third party.

The FCA has established a new dedicated phone line to help with PPI queries and has also updated its website to help consumers.

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