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New PPI claims deadline means…

Anyone who has ever been through the process of PPI reclaiming knows what a useful thing it can be. Regardless of whether they do it by themselves or get it done by PPI claims management companies, either way you would be getting similar results. However, just like good times, people have to endure the bad times as well.

If recent reports are to be believed, the City watchdog has made a proposal to bring down the shutters on the biggest financial mis-selling scandal which was done by Britain. Under this proposal, they have made an announcement that everyone should be submitting their PPI claims by the beginning of 2018 if they would like to receive their compensation in due time.

While many people are creating big waves over this whole announcement, there are still many people who are slightly unaware of what this actually means for their PPI claims. The Financial Conduct Authority, which is also more commonly known as the FCA, have made a proposal which suggests that everybody submit their PPI claims within a due period. The reason why they are doing this is because they would like to bring the whole PPI claims drama under control as it has been found to bring on a whole new range of negative consequences. In addition to that, according to the members of the FCA, this is also being done in an attempt to make the financial industry more secure and stable as well as improving the credibility and trust that people place upon the banks and other financial institutions.

It is because of these reasons that they proposed a deadline within which the people should be submitting their PPI claims complaints. Even though the exact date has still not been fixed, the experts are suggesting that it would not be any time before the spring of 2018. Other than that, anyone who would submit their PPI claims after this deadline would have it rejected. In other words, it simply means that their case would not be set up for investigation by the relevant firm who would be responsible for handling the case.

The background information to the PPI claims scandal

For those of us who have forgotten the origin of this entire debacle, it all started out with the banks and other financial institutions. They set aside the claims as well as loan payments and gave the people the promise that they would be able to receive the claims if they were unable to find themselves any work. However, the reality was that people could never receive these claims. As a result, over more than 20 billion pounds has been paid in compensation with even more being accounted for.

Is this the beginning of the end of the scandal?

After the announcement by the FCA, it can very well mark the beginning of the end of this scandal. This is because this deadline would push the customers who were unwilling to complain in the first place to come out and make a claim. Chances are that they would even be receiving their claims now.