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The PPI Deadline

August 2019 - The PPI Deadline

People seeking compensation over mis-sold payment protection insurance (PPI) will have to make their claims before 29 August 2019.

The final deadline has been set by the Financial Conduct Authority (FCA) in an effort to draw a line under one of the banking industry’s biggest scandals. Millions of people have already been compensated and banks have set aside more than £40bn to cover the payouts. This includes staffing costs and consumer compensation.

The FCA will run a two-year public awareness campaign, starting in August this year, in an attempt to flush out the remaining complainants. This will be paid for by the banks. Many consumer groups feel that the banks are getting off lightly and it’s hard to disagree with that. Since 2010, the FCA estimates that some £26 billion has been paid in compensation. However, many industry experts feel that as much as double that figure could yet be unclaimed.

The Beat the Banks team have collectively more than 300 years experience in the banking industry. From the sheer volume of PPI sales driven through the banking network alone, we believe the amount unclaimed could be closer to £100 billion to include the premiums paid, interest thereon, plus simple interest at 8% per annum.

Worryingly, banks have now adopted very aggressive tactics when defending claims for the mis-selling of PPI, this despite many of them having been previously fined by the FCA for similar behaviour. Beat the Banks continually report these behaviours and breaches to the Regulator, as we look to bring these lenders to account. We are also Executive Committee members of the Alliance of Claims Companies, that has been established, not only to raise the standards within the claims industry but equally, to open important dialogue with the major banks and the various regulators.

Interestingly one of the largest claims companies in the U.K. and a founding member of the ACC, has announced it’s legal intention to take the FCA to a Judicial Review over its decision to announce an end date. Their argument as much as anything is how can you put an end date on a crime. If will be very interesting to see how the case progresses.

Another important point to note regarding the end date is that this also includes what is known as, “Plevin,” or “Section 140 Claims.” Traditional PPI claiming is all about the process of how this type of insurance was sold and whether in doing so, it breached either of FCA regulation or the GISC or ABI codes. These new claims are a quite separate matter and relate to the fact that the profit in a PPI sale, may have breached a “fair commission.”

The FCA will give final guidance on this in August 2017, but it seems as though they have settled on 50% as being “fair.” Quite staggering. Claims, however, will only be possible on new borrowing taken with PPI after 5 April 2008, or historic contracts still in place at that date, irrespective as to whether the PPI on the borrowing had been previously canceled. Importantly this will include traditional claims rejected by a lender and or FOS.

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  • Mrs C, Glasgow

    “From beginning to end, Beat the Banks have been very efficient. I am very pleased with the service from Jenna and the team. I am highly delighted and I have been recommending all of my friends.”

  • Shona, Dundee

    “Huge thank you to the team. After attempting to claim PPI myself and getting absolutely nowhere, I got Beat the Banks involved and ended up getting  £12,000. What a result. Beat the Banks made it so easy and were committed right to the end.”

  • Mr A McQuillian

    “From previous experience of PPI claim companies, I was a bit dubious if anyone could help me but I thought I would try Beat The Banks. To say I am pleased with the service and conclusion to my claim is an understatement. Beat the banks and my claim handler in particular handled all aspects of the claim from Clydesdale Bank with professionalism, courtesy, and efficiency to secure a positive result on my behalf. I would certainly recommend the services of Beat the Banks to anyone who thinks they have PPI claim, especially with the Clydesdale Bank.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • T & A, Dundee

    “Down entirely to Mike’s hard work, we previously had a successful claim with Clydesdale Bank. Mike was convinced we had more loans with PPI and he was relentless in efforts to recover our paperwork from the bank. Finally, after many attempts, enough records were recovered to submit several claims. We have now received much more compensation, covering loans going back many, many years. If it had not been for Mike and the team at Beat the Banks this would never, ever have happened. Literally, all we did was sign our name and bank the cheque.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • Mr & Mrs M, Shetland

    “We really appreciate the doggedness and professionalism of Jenna and the team at Beat the Banks. This is something we’d never have gotten round to doing and we’re so glad we went through the process with professionals as we’ve now had great results. Only positives have come from the experience.”

  • Mrs S, Falkirk

    “Excellent service so helpful, I received a substantial sum back that I had no idea I was due, thank you again to Beat The Banks especially to Gary who was so helpful and efficient in every way.”

  • Dave & Linda , Dundee

    “We had no paperwork but £52,500 reasons to say thank you, we are now living our Spanish dream! Exceptional service.”

  • Mr S, Dingwall

    “Have just found out I have won all my cases with the bank, going back many years and been awarded compensation of just over £15,000!”

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