“Hugely disappointing that the regulator is pushing ahead with a blanket PPI time limit” – Which? response to FCA consultation on a time limit for PPI claims

Which? executive director, Richard Lloyd, said:

“It’s hugely disappointing that the regulator is pushing ahead with a blanket PPI time limit. Instead of rewarding the banks that have dragged their heels over paying out compensation, the FCA should be requiring firms to proactively seek out customers owed money. Relying on consumers to complain, when many were unaware they’ve been a victim of mis-selling, has clearly not worked.”

Background: 

The total amount now set aside by the big five banks alone for PPI compensation is around £2​7.4 billion. This breaks down as follows:

​- Lloyds Banking Group has so far set aside £13.9 billion 

– Barclays has so far set aside £6.15 billion 

– RBS has so far set aside £3.81 billion

– HSBC has so far set aside £2.64 billion 

– Santander has so far set aside £846 million

​Which? has a free online tool to help people put in their claim for a PPI refund here:http://www.which.co.uk/consumer-rights/action/how-to-reclaim-mis-sold-ppi​​​

Statement: