The FCA’s claim that the deadline announcement increased the PPI complaint figures is not entirely true. According to analysts, the numbers increased in January and February. Consumers speculated the Watchdog’s executive shuffle and the UK government’s U-turn on prohibitive bank policies will lead to the creation of a PPI claims deadline. Complaint numbers have increased 24% in total compared to 2016’s digits for the same timeframe.
The Watchdog put in place a deadline it believes would urge consumers to make a claim. The presence of finality can convince consumers to claim refunds. According to consumer groups, the move was unfair. The organizations said it gave undeserved relief to banking institutions that had initially caused the PPI crisis.
The UK’s longest fiscal scandal has earned £40 billion in earmarked and returned consumer recompense. The FCA intends to put an end to the scandal and allow banks to help develop the UK’s economic structures.
Lloyds, Barclays, and RBS declared they are “finished” in repaying their UK debt. All their earmarked and allocated refunds for mis-sold PPI can cover all complaints until 2019. Their statement comes after Lloyds received 600,576 complaints from the first quarter of 2017. In the same time period, Barclays received 446,978 complaints, and RBS received 278,594.