Most people know about the PPI (Payment Protection Insurance) mis-selling scandal but more than likely you do not know these little know facts. Facts that will no doubt surprise you. The numbers involved are truly staggering.
FACT 1 – 53 million PPI policies were sold1
FACT 2 – 12 million customers had received compensation by January 20162
FACT 3 – 5.5 million people with complaints will be time barred by Spring 20183
FACT 4 – 3 million consumers, at least, time barred before the end of 20164
FACT 5 – 1.2 million PPI complainants will be time barred by the end of 20175
FACT 6 – 360,000 – The number of PPI cases the Financial Ombudsman Service anticipates it will resolve in 20176
FACT 7 – 1 – The regulator, the Financial Conduct Authority (FCA), only required banks to send one letter to their PPI customers7
FACT 8 – 67% – two thirds of customers contacted by banks about their PPI have yet to make a claim8
FACT 9 – 97% of PPI complaint claims from “high-risk groups” contacted by banks are being upheld9
PPI compensation payouts averaged over £10 million every day last year
The numbers relating to PPI are astounding. Whether it’s the cost to the banks to compensate, the number of policies sold, or the number of claims won or disputed. But with a final claims deadline now announced by the FCA the banking industry is expecting a surge of claims.
Andrew Bailey, Chief executive of the FCA, Andrew Bailey, said: “Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off.”
Millions have claimed and won already, now millions more can come forward and claim what is rightfully owed to them.
People with credit cards, loans and mortgages in the 1990s and 2000s need to check if they were mis-sold PPI
Remember, the PPI countdown has already begun for millions of people already, possibly you. Anyone who thinks they may have a claim is advised to start the process now before it’s too late.
If you are in any doubt about your eligibility to claim compensation start your claim now.