Every UK consumer’s right to claim refund for defective or wrongly-sold financial products is still upheld even after the PPI claims deadline set by the FCA. The Financial Conduct Authority’s move to side with banks after August 19, 2019 only grants banks the right to finally let the PPI claims issue die down. But consumers can still correspond with their bank regarding their refund claims and address these issues.
The only difference is the Financial Conduct Authority and the press may let the issue of other claims die along with the PPI claims deadline. But consumers can still ask their banks to grant their Data Access Request for a fee, review their PPI repayments and ask their bank to refund their money accordingly.
In the event banks still do not honour the consumers’ claims, they could ask the Financial Ombudsman Service to review the complaint. Upon proper evaluation and the fact that the banking industry has yet to streamline its PPI claim evaluation system, UK banks still have a 3 out of 10 chance to have succeeded in providing proper judgment to a consumer’s PPI claim.
The UK PPI crisis is to end by 2019 with a total possibly over £50bn returned to consumers. The current total is at £40bn, the highest in the UK’s history of financial scandals.