Role of FCA in Helping Consumers to Claim PPI Refund:

FCA (Financial Conduct Authority), is the regulatory authority of all the financial businesses in the UK. This comprises of all the banks, financial service providers, and the lenders or credit providers. FCA sets rules and guidelines which the banks and other financial service providers adhere to while they conduct their daily operations. This includes the way they promote or sell their financial products to customers. It also includes how they handle the PPI claims filed by the consumers.

Addressing the Financial Businesses in the UK:

After FCA found that the financial services industry in the UK has mis-sold numerous PPI (Payment Protection Insurance) policies to consumers, they decided to take action against it. They have urged all the banks and the credit lenders to pay a compensation to the consumers who file a complaint to claim PPI. As the lenders have earned a very high commission for selling the PPI policies to the customers, it is the time that they pay back the money along with its interest to the customers.

Support towards PPI Claims filed by the Consumers:

After winning the court case called ‘Pelvin’, they have set a deadline of August 29, 2019, and urged all the consumers to file a complaint about claiming PPI refund. They have introduced a new set of rules based on which the consumers can now file a complaint and reclaim PPI compensation along with the interest for the money they have paid to the banks.

Guidelines Set by the FCA:

Under the new set of guidelines launched by the FCA, you can now claim PPI compensation even if the PPI was not mis-sold to you and also if the previous PPI claim filed by you was rejected by the bank or the credit lender. You can directly get in touch with your bank via post, telephone or fill in an online form and submit. However, if you send them the complaint via post, do that well before the deadline of August 29, 2019, as it will take some time to reach the Bank.

Helping the People Understand PPI:

FCA has made it simple for all the consumers to understand if they had a PPI policy in the past. This includes various financial products they bought from the credit lenders.

These are –

  • Personal loan as well as business loan
  • Credit card
  • Store card
  • Car finance or anything purchased based on a finance agreement
  • Mortgage
  • Overdraft

FCA has asked the people to check all their paperwork and look for “PPI” mentioned in them. You can also ask your bank to confirm if you had a PPI.

File the Complaint before the Deadline:

The FCA has urged all the consumers to file a complaint to claim PPI refund well before the deadline of August 29, 2019. This will ensure that your complaint gets registered and acknowledged by them and you will also need to get an acknowledgment from them stating that they have received your claim for the refund. It is better to file a claim as soon as possible as there would be congestion of claim submission by people as the date nears its end.