Final PPI claim deadline set by the FCA – and Arnold Schwarzenegger

Did you know that the majority of people mis-sold payment protection insurance may not yet have made a claim? And that the banks have over £10bn still set aside to pay out in compensation.

For anyone who believes they may have been mis-sold PPI and wants to make a complaint or a claim, there is now two years left to act.

The Financial Conduct Authority (FCA) have recently launched new guidelines for making a complaint in regards to PPI, meaning people could be entitled to compensation – even if they were not mis-sold.

The misspelling of PPI – payment protection policies – is the biggest scandal of its kind in UK history and the FCA has launched a new campaign to get people to lodge any outstanding complaints. They have also set a deadline of August 29th 2019 for the final PPI claims to be made.

So far, £27bn has been paid out in compensation with major banks having set aside more than £37bn. PPI was supposed to cover repayments of loans if policyholders fell ill or lost their job but millions of people who did not want or need PPI, or could have never made a claim, were mis-sold PPI primarily between 1990 and 2010.

The FCA’s latest campaign

The latest campaign regarding PPI from the FCA features none other than Arnold Schwarzenegger encouraging anyone who hasn’t yet made a claim for mis-sold PPI to do so, in an advert that will be in cinemas and on television.

In the voiceover, the actor and former governor of California, urges people to “make a decision” over PPI claims and to “do it now!” There are also billboards in a similar style.

Andrew Bailey, chief executive of the FCA, said: “Our campaign aims to cut through the noise on PPI. We want to encourage people to decide whether to find out if they had PPI and whether to complain or not.”

The £42m awareness campaign, which includes a dedicated call centre for PPI queries, is being paid for by the 18 banks, building societies and credit card providers which sold the most PPI.

How to make a claim
With the deadline now finalised as August 29th 2019, it’s now more important than ever to make a claim.

If you’re unsure if you can get compensation as a result of being mis-sold PPI policy, get in touch with OpenDoor (Legal Services) Ltd on 0330 1020 220.

OpenDoor have experience in dealing with a number of claims having successfully claimed over £30million pounds for PPI customers and also dealing with packaged account complaints. It’s all done on a no win, no fee basis.

If your claim is successful, the cost of the service is 25%, plus VAT, of the total reclaimed. Terms apply. For further information, please visit www.Open-Door.co.uk where you can also request a FREE call back.

Further information

More information on PPI and how you can claim is available on the FCA website.

A free phone line, managed by the FCA, can be called on 0800 101 8800.

Various templates are also available to download, along with guidance on claiming, on websites such as Which?, MoneySavingExpert, and Resolver.

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