The Financial Conduct Authority has yet to make a final statement on implementing the payment protection insurance claims deadline on June 2019, but three signs point towards an unfortunate outcome for millions of UK consumers struggling with a mis-sold payment protection insurance policy. The FCA has clearly showed it is in favour of helping banks recover their capital through the following:
The UK media giant will be in charge of developing the public advisory regarding PPI mis-selling to be shown in the television and online media networks. An amount of £400,000 had been guaranteed from the £42.2m fund collected from a special FCA-imposed bank levy on a dozen firms with over 100,000 PPI complaints.
The City watchdog has not contested banks or fined them better against their troubled PPI claims process and unjust delays against consumers making legitimate PPI claims. The FCA has yet to respond to calls by consumer groups to simplify the PPI claims process.
The FOS had approved its budget and indicated most of it is the collection of more personnel to help tackle an anticipated 360,000 complaints in 2017 alone. The FOS expects more than 2 million complaints before the deadline of 2019.