The deadline for people able to submit claims for mis-sold PPI is expected to be set for June 2019, the Financial Conduct Authority has stated.
The FCA is keen to bring an end to a scandal which has cost the banking industry billions of pounds, and in the process has become the single biggest banking scandal in UK history.
They have suggested that they will launch a marketing campaign from June next year, which will be funded by the big banks and outline that mis-sold customers will have only have 2 years to claim.
The Financial Conduct Authority hope putting a deadline on PPI will bring the issue to an end and help the banks and lenders to rebuild some of the trust and integrity that was lost during the whole process.
The FCA has claimed that they have assessed all of the feedback and believe that the steps being put into motion are the right ones. Engaging with those mis-sold victims that hadn’t yet claimed was of paramount importance to the FCA when it came to making the decision.
The FCA has been consulting on proposals for a PPI claims deadline since last year, and seem to have finally come to a decision after the initial proposal of October 2018 was rejected.