Citizens Advice responds to FCA PPI deadline
The Financial Conduct Authority has today indicated it wants to set a June 2019 deadline for people to make claims over mis-sold payment protection insurance (PPI).
Citizens Advice, which launched a super-complaint into PPI mis-selling back in 2005, said it supports a deadline. The charity helped people with 4,000 PPI issues in the last year.
Gillian Guy, Chief Executive of Citizens Advice, said:
“A deadline on raising PPI mis-selling claims will help to bring finality to this ongoing scandal.
“But we are concerned consumers will be inundated by cold calls from claims management companies who charge up to 40% of what victims get in compensation, despite people being able to make these claims for free.
“It’s crucial any deadline is backed up by free and independent advice so people can get all the help they need to make a claim. The claims management regulator should implement its proposals to cap the fees that companies can charge consumers."
Notes to editors
- The Citizens Advice service comprises a network of local Citizens Advice, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
- The advice provided by the Citizens Advice service is free, independent, confidential and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
- To get advice online or find your local Citizens Advice in England and Wales, visit citizensadvice.org.uk
- You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers.
- Local Citizens Advice in England and Wales advised 2.5 million clients on 6.2 million problems in 2014/15. For full service statistics see our publication Advice trends.
- Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 2,500 service outlets across England and Wales.