The United Kingdom voted for Brexit leading to many untoward fiscal consequences. Pensions have shown huge consequences. Meanwhile, a strong possibility of bigger UK unemployment exists.
Consumers eligible for their PPI might see their insurance policy in a positive light.
PPI, mis-sold to many ineligible consumers alongside financing and credit cards, had suffered six long years of shame. Banks and financial institutions are still paying the price for their deficits.
Consumer groups are condemning any possible deadline for PPI. The results of the Brexit may urge the Financial Services Authority to impose the deadline by 2018.
The closing of PPI’s shameful chapter could lead to positivity provided banks and financial institutions prevent the abusive sales tactics of sales personnel.
The financial industry is currently to repay £30bn to the UK consumer populace with over £17bn repaid to consumers. Lloyds, the biggest mis-seller of PPI, has yet to close its hatch on insurance refunds.
Consumer groups complain that with the PPI deadline comes banks abusing their positions to avoid repaying consumers. They said a deadline should mean a simpler method to reclaim PPI refunds to help consumers avoid plights with scammers – individuals who prey on claimants and charge them up-front fees then rip them off.
The UK stock market is about to spiral before it gets better. Concerned investors are pulling away from the country, which may lead to several bankruptcies. It is here that PPI can rise to the occasion and deliver.