Payment protection insurance is the biggest financial scandal in the history of the United Kingdom. Going over £43bn in recompense for consumers, mis-sold PPI is now a cause of concern for the banking industry. The Financial Conduct Authority had permitted banks relief through a claims deadline by August 29, 2017. It had started its consumer communications campaign informing consumers on how to get their refunds worth £42 million on Tuesday.
According to official estimates, there were over 64 million policies mis-sold from the 90s to 2010. Lloyds had admitted to selling almost half of these numbers to their investors’ surprise. However, the bank vows its refund package will suffice until the 2019 deadline.
The other 17 banks with huge complaint figures have reportedly set aside higher reserves to accommodate the incoming number of complaints resulting from the FCA’s advertising campaign.
UK’s consumer groups question the efficacy of the campaign. It is possible the campaign will not reach the attention of non-television and tech-savvy individuals such as retirees who were mis-sold the policies.
If you were mis-sold a PPI policy, you can make a claim to receive £3,000 or more in refunds. To know if you were wrongly issued the insurance, find out more here.