The PPI claim deadline of August 2019 has been set in place for some time, however a claims management company have challenged the Financial Industry to review the cut-off over claims that the decision was “clearly unlawful”.
The Wales-based We Fight Any Claim has mounted the legal contest, after a judicial review concluded that the deadline for claiming on PPI was criticised, with We Fight Any Claim announcing that the PPI claim deadline would result in a win for the banks, loan companies and credit card firms who mis-sold PPI.
Mark Davies, the legal advisor for We Fight Any Claims confirmed that the company had been lobbying the FCA to cancel the deadline, as the public need more time to look into their PPI affairs. However, so far their concerns were not being listened to.
Speaking to Insurance Business Magazine, Davies commented, “Over the last 12 months, we have repeatedly warned FCA that what they planned was not just plain wrong but was clearly unlawful,” he said. “We have also provided the FCA with the detailed and closely reasoned opinion of leading counsel, Stephen Knafler QC, as to the fundamental problems with their approach.”
He warned: “Unless these proposals are challenged, the only winners will be the banks and card providers who sold this toxic product. Millions of ordinary people, many of whom are not even aware they were sold PPI, will lose out.”
The FCA finalised deadline plans back in March of this year, which they claimed was to put a mark in the sand, encourage consumers to check whether they had a case for mis-sold PPI and prevent the saga from being dragged on and on.
“Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off,” said FCA chief Andrew Bailey. “We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint.”
He added: “We have carefully considered the feedback we received and we still believe that introducing a deadline for PPI complaints and a communications campaign warning of the deadline will benefit consumers.”