The Financial Conduct Authority will soon be launching a campaign to inform people about the 29 August 2019 deadline to complain about payment protection insurance. This campaign will complement the regulatory and supervisory work the FCA has done – and will continue to do – around PPI.
The consumer campaign is being funded by 18 firms that together receive more than 90% of complaints about the sale of PPI. These firms include banks and other providers. The FCA have asked these firms to make a range of improvements to the way people can complain to them about PPI, ahead of the launch of the campaign on 29 August 2017. The improvements should make it quicker and easier for people to complain about PPI or check if they’ve had it.
They include redeveloping parts of their websites and online tools, to make it easier for people to check online if they had PPI, complain online about PPI using a simple, straightforward form and find more information about PPI on the FCA and Financial Ombudsman Service websites.
The FCA has also worked to ensure that firms are offering accurate, timely and free PPI checking services, which are clearly signposted with information in a format that is easy to understand. In addition, these firms will now offer a simplified process for people who have previously had complaints rejected but now want to make a new complaint about high levels of commission earned from the sale of PPI. This means customers don’t have to provide lots of information a second time.