Manchester, UK (PRWEB UK) 27 March 2013
As the Telegraph reported in November 2012, JP Morgan’s analysts have branded it , ‘the largest compensation scheme in the modern history of the British financial services industry,” and the battle rages on to secure the money owed to thousands left out of pocket through the mis selling of PPI.
Jamie Kordecki, Managing Director at Red Star Financial Management asks the question, What right have the banks to look to the Financial Services Authority (FSA) for a deadline to which claims will have to be entered by?
On January 19th, 2013 it was reported by the Times that the British Bankers Association are pushing the Financial Services Authority to impose a time limit for PPI claims to be entered by. The deadline would be in the summer of 2014.
The plan, which if agreed, may potentially see thousands of victims who were mis sold PPI remain out of pocket. They would be unable to claim the many thousands they may be owed, as after the deadline is enforced, further claims would be unable to be processed.
PPI stands for Payment Protection Insurance and is an insurance policy specifically created to help people keep up with their loans, credit cards or hire purchase repayments in case they find themselves unable to work due to accident, sickness or unemployment. Anyone may have taken out PPI and therefore is a chance it may have been mis-sold to people without even knowing that they had been paying for it.
In essence a time limit already applies to PPI claims as it is through an article on 16th January 2013, by ThisIsMoney.co.uk where Which? Chief Executive Peter Vicary-Smith said: ‘A time limit cut-off already exists for Payment Protection Insurance (PPI) claims. Consumers have the longer of either six years from when they were sold the product or three years from when they first became aware that they might have cause for complaint.’
Even in 2013 the Financial Ombudsman Service has reported an increase of 3 times the level of complaints of 2012 to 245,000, demonstrating this scandal is far from over and the final figure of money owed is growing daily with some estimates putting a final bill at