PPI cut-off ‘offers certainty’

PPI cut-off ‘offers certainty’

Moves by the FCA to provide a cut-off date for payment protection insurance claims has been hailed as “offering real certainty”, by Colin Read at Pinsent Masons.

Mr Read, partner in the legal firm’s insurance team, said: “Claims brought in the UK courts are usually subject to limitation rules and there has been disquiet for some time that the PPI problems had no potential end date.”

In a statement, the FCA said PPI consumers would have at least until spring 2018 to complain as it intended to consult on a deadline two years from when the proposed rule came into force.

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This, subject to consultation, would not be before spring 2016, the FCA statement added.

Adviser view:

Ray Black, managing director of Sleaford-based IFA Money Minder Financial Services (UK) said “I would like to see an end to spurious PPI claims. As a consumer it is frustrating to keep getting those PPI calls. I had one on my home phone this morning and they keep calling my mobile.

“And they are all recorded messages. I would have thought, however, that anyone who does have a claim will have submitted one by now – what with all the publicity in the media about this.”