The Financial Conduct Authority has announced the PPI claim deadline to be on August 29, 2019. The watchdog said it believes a deadline will motivate quick action from consumers. Most Britons fear that they cannot reclaim their refunds after the deadline. While the statements say that PPI is non-refundable after the deadline, it does not mean the government will close its doors entirely.
However, making a claim after the deadline is possibly double the work. Here are three ways you can get your refunds post-PPI deadline
Honoured By Your Bank
According to commercial laws, consumers still have a right to resolve their complaints with financial institutions. However, without legal backing and state presence over the issue, it might take more time. The processing speed could be the same as before 2009, the year consumer groups discovered the mass mis-selling of the financial product.
Financial Ombudsman Service
The Financial Ombudsman Service will still consider your complaint a valid mediation case between you and the financial institution. However, the FOS has yet to make a statement regarding its role on PPI after the deadline’s passage.
However, given its constitutional role, it must acknowledge any consumer’s complaint and any financial institution’s issue. Therefore, it is safe to assume it will still support consumers who will make a claim for their PPI refunds.
Claims management companies (CMCs) will likely move from PPI to other compensation claim cases. However, you can still gain help from solicitors who can review the grounds of your case and file a complaint against the bank or financial institution that refused to acknowledge your legitimate case.