According to commercial barristers, the Financial Conduct Authority’s guidelines have lowered the value of consumer’s collective PPI claims by £18 billion.
St John Buildings’ barristers believe that the Plevin case is not paying the full refund of afflicted consumers. The amount repaid at most is only 20% of the original PPI price.
According to barrister Elis Gomer, consumers who question the FCA’s accountability for citizens are rightful to do so. The UK public is at a loss with the underpayments made with the grace of the City watchdog.
The FCA and the UK Supreme Court had considered Plevin a landmark case. However, the case’s overall influence in the process is not clear. While consumers are satisfied to have received refunds from Plevin-qualified cases, some savvy claimants have forwarded their refunds to be incomplete. Gomer said most of these cases were settled with higher refunds behind closed doors.
The UK’s total PPI bill is at £40 billion. If the FCA’s oversight is amended, the bill could reach £50-£55 billion, making it the single biggest financial fraud case in the history of the country.
The FCA has appointed 29 August 2019 as the PPI claims’ deadline. It has used an advertising campaign to spur customers to make complaints, an act it considers a success provided the PPI claims’ increase in the first half of 2018.