The deadline for making PPI claims has provided no small amount of confusion for many potential PPI claimants – not least because it is not a certain thing. The deadline has been under discussion for some time, but so far no firm date has emerged and many of the suggested dates are little more than rumours. Even so, there is enough useful and reliable information around to be helpful. Here is everything important that there is to know – so far at least – about the PPI deadline:
Will There Be a Deadline?
Some organisations and consumer rights activists have questioned whether there even should be a deadline for making PPI claims. The banks have cheated millions of consumers out of billions of pounds and it can be hard to even find out you’ve been cheated. In some people’s books, this means that introducing a cut-off point just gives dishonest a get-out-of-jail-free card for any refunds that have not yet been made and lets them keep the remainder of their ill-gotten gains.
Nonetheless, unless there’s a quite sudden and significant about-face from the Financial conduct Authority (FCA), there most certainly is going to be a deadline for making PPI claims. The only question really left on the table is when that deadline will be.
When is the Deadline Likely to Be?
A few possible dates have either been mentioned by the FCA or flown around as rumours at one time or another. In late 2015, a deadline of Spring next year was being talked about. Much more recently, it was suggested by the FCA that the deadline could be set for the middle of the following year – perhaps sometime in June 2019.
This is the latest concrete suggestion of a timeframe in which the PPI deadline could fall. However, at the time this suggestion was made it was expected that we would have an announcement by now. Since then, the FCA has declared that it will take another couple of months to announce a firm date for the deadline. Some have suggested that the deadline itself will be pushed back proportionally, suggesting a mid-late 2019 date. This is essentially speculation, but is not completely unfounded.
When Will We Know?
While there is no firm date for the announcement any more than there is for the deadline itself, things are a bit clearer in this regard. The short answer is that we can confidently say that, barring further announcements to the contrary from the FCA, we will finally know the Payment Protection Insurance deadline soon.
Originally the FCA was planning to reach a decision and announce it to the world by the end of last year. However, due to the very large volume of contributions and responses the regulator received, it pushed back this announcement a little in order to allow time to properly assess them. The announcement is now expected within the first quarter of this year. We don’t know exactly when we can expect a decision, but it should be before April.