About 80% of UK’s consumers have yet to realize that they have a year left to make a successful payment protection insurance complaint. According to Canary Claims’ Director Kamran Mirshari, hundreds of thousands of consumers might fail to make a successful complaint.
The Financial Conduct Authority’s announcement on the deadline for PPI complaints skyrocketed figures on August 29, 2017. The claims slowdown has arrived during the holiday season and will likely proceed beyond the season. The PPI claims deadline is set on August 29, 2019.
PPI is the UK’s biggest financial scandal. Today, a collective £40 billion has been earmarked for consumer refunds and half of the amount has been returned to customers. Each successful PPI complaint has returned over £3,000 plus compensation.
Economists saw the insurance policy’s refunding in 2012 as “helicopter money.” Many speculate that PPI could leave a dent in the UK’s slowly but surely recovering economy. However, some were quick to point out that 2012 had plenty of spending stimulus that encouraged the population to make purchases, such as the record-low interest rates and help-to-buy government support.
Surprising enough, only 16 per cent of Canary Claims’ clients knew the actual date of the PPI claims deadline. It is likely that many UK consumers will lose out plenty despite the FCA’s advertising campaign efforts to endorse the deadline and creating claims.