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