The Financial Conduct Authority finally confirms that payment protection insurance claims would end by 2019 August. Despite consumer setbacks and the outcome of a legal contention between consumer groups and the City watchdog, it would be best to remember these three things in the next two years as one plans to reclaim their refunds.
Consumers have the right to access information regarding their insurance policies more than the six years worth of records banks present upfront. A data access request could cost about £10 and could pull out more than 10 years of information regarding a financing — specifically useful for mortgage possibly mis-sold payment protection insurance.
Claims management companies have special arrangements with banks regarding making complaint — which makes them popular despite consumer groups advising against using a “middleman.” CMCs could facilitate complaints faster and some are integrated with high street bank systems. Most work on a no-win no fee basis, making the burden lighter for consumers.
Lastly, consumers should expect their claims against their bank likely to fail. MoneySavingExpert and Which? contest that the FCA gave banks better protection than consumers because banks have yet to improve their PPI claims processes. The Financial Ombudsman Service’s figures indicate that 50% of complaints from consumers are still in favour of consumers — indicating that banks are still unfairly refunding consumers.