PPI final countdown is launched by FCA | Gladstone Brookes

PPI final countdown is launched by FCA

PPI final countdown is launched by FCA

Britain’s financial watchdog is urging consumers to make their PPI claims in the final countdown to the claims deadline on August 29th.

The Financial Conduct Authority (FCA) launched its final appeal by urging potential claimants to think back to the 1990s and early 2000s – the era of Britpop and the first ever mobile phones – to see if they have any potential claim to be made before the cut-off date.

Significant milestone

Their research has shown that an astonishing 87% of UK adults passed ‘a significant milestone’ in those two decades when the majority of the 64 million PPI policies were sold.

Almost half of the population bought a car (49%), more than a third (35%) bought a house and just over a quarter (27%) got married. More than four in ten people – 22 million – recall taking out a credit card.

PPI could have been attached to the credit agreements for all of them. Overall those surveyed estimated they have had four different credit streams over the two decades.

Memories

The regulator is urging people to jog their memories about any finance agreements they may have taken out which could also have included high street stores, catalogue firms, building societies and supermarkets As well as loans, credit cards and overdrafts

Emma Stranack, the FCA’s PPI Deadline Campaign Lead, said: “The PPI deadline is closing in. With just over four weeks to go until 29 August 2019, we’re asking people to cast their minds back to the nineties and noughties and what might have caused them to take out a loan, credit card or other finance agreement.

Weddings, house moves, new cars and holidays are just some of the types of investments people commonly employ credit to help with.”

Difficult

The watchdog’s research also showed that, while 71% of us think we have a good memory, 57% have difficulty in remembering important dates and appointments like anniversaries and birthdays, dentist appointments and the tax return deadline.
So they have recruited eight time World Memory Champion Dominic O’Brien to help people try to remember using his ‘time travel’ technique.

Powerful tool

Said Dominic: “The ‘time travel’ technique is a powerful tool to ‘transport’ yourself back to remember key financial milestones in the nineties and noughties and help prompt whether you bought anything on credit.

“Close your eyes and return to a location that you frequented during the time period in question. Choose a specific starting point such as bridge over a stream or a friend’s kitchen and ask yourself what incidents that triggers. One memory sparks off another. The deeper you immerse yourself and reflect, the greater the chances that more memories will be triggered leading you to remember key events and milestones.”

How much is still owed?

It is impossible to day how much money remains to be claimed for mis-sold PPI, but the banks and other financial firms still have millions set aside to pay future successful claims.

Santander recently increased its PPI provision by £70 million to meet higher than expected claim numbers and analysts are predicting that other high street banks will be announcing further increases in their compensation pots as the deadline draws ever nearer.

A total of £35.7 billion has been paid out since January 2011, but even though the deadline for new claims is just four weeks away, experts expect many more millions will be paid out before the PPI saga is finally over.

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