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Time for action on PPI claims management firms, says Citizens Advice

2 March 2017

The Financial Conduct Authority has today set a final deadline for Payment Protection Insurance (PPI) mis-selling claims. People affected will have to make their claims by 29 August 2019.

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.

Citizens Advice Chief Executive, Gillian Guy, said:

“Setting a final deadline for PPI mis-selling claims will help to draw a line under this ongoing scandal.

“The Financial Conduct Authority’s plans to make people aware about the deadline and support vulnerable consumers with their complaints should help those affected get the compensation they’re entitled to.

“We’re still very concerned about fees charged by claims management firms for handling people’s PPI complaints -  in some cases this can be almost half of people’s compensation - despite the fact that they can claim for free.

“To prevent firms using the FCA’s deadline to swamp people with cold calls, and ensure consumers get more of the compensation they deserve - the claims management regulator should set a limit on the amount firms can charge for handling claims by the time the deadline comes into effect.”

Notes to editors

  1. 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.
  2. 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.
  3. To get advice online or find your local Citizens Advice in England and Wales, visit citizensadvice.org.uk
  4. 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.
  5. 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.
  6. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 2,500 service outlets across England and Wales.