In response to the Financial Services Authority confirming it has been approached by the British Bankers’ Association to discuss the potential for introducing a time limit for Payment Protection Insurance (PPI) complaints,
Which? chief executive Peter Vicary-Smith said:
“Payment Protection Insurance (PPI) is now the biggest financial mis-selling scandal of all time and the first priority for the regulator is to enforce the existing rules so that consumers get their money back and ensure this can never happen again.
“It’s in everyone’s interest to draw a line under this scandal and time limit cut-offs already exist for PPI claims. Before even thinking about a new time bar, the banks should be proactively contacting their customers and making it as easy as possible for people entitled to a legitimate refund to claim back their money, without any hassle.
“Many people don’t realise there are simple easy to follow steps to reclaim their money for free, and are being bombarded with text messages and TV ads suggesting they use expensive claims management companies. The Government must now act to clamp down on unscrupulous CMCs and concentrate on reforming the banks so that they work for customers, not bankers. We urge people to use free reclaim websites like which.co.uk to get their money back.”
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 to take a claim to the Financial Ombudsman Service.