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PPI Advice from the Financial Conduct Authority (FCA)

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The following information is courtesy of the Financial Conduct Authority (FCA).

Many people have experienced that dreaded cold-calling from withheld phone numbers, with an unidentifiable person informing them that they have been mis-sold PPI. Research by The Financial Conduct Authority (FCA) has found public trust in the financial sector at this time to be low, and they therefore want to rebuild people’s confidence, particularly for protected and vulnerable groups.

As such, the FCA have recently launched a new campaign to ensure people are aware of the new deadline for legitimate complaints about PPI. If you would like to register a complaint about PPI, the deadline for getting in touch and going about this is now 29th August 2019.  

In addition, tailored information for disabled people is now available from the FCA. Their resources include large-print and braille leaflets, British Sign Language formats, audio DVDs and animation videos, as well as information tailored specifically for carers, single parents, older people, financially vulnerable consumers, and those wishing to complain on behalf of a deceased relative. As well as this, the team are available to explain information relating to PPI in more depth, although they cannot advise on individual circumstances.

FCA also provide the following information on how to protect yourself against nuisance calls and scams:

Claims companies often contact people by text messages or phone calls, and offer to help make a complaint about PPI. They may also advertise to tell you what they can offer. Claims companies may charge an upfront cost but most charge a fee that can be up to 30% of any amount you are refunded for your PPI. 

If you decide to use a claims company you should read the terms and conditions carefully and make sure you understand what it will cost you. You should also check if a claims company is authorised on the Ministry of Justice’s Authorised Business Register. 

Protect yourself from nuisance calls 

Some claims companies call or send text (SMS) messages to people out of the blue, to offer to complain about PPI on their behalf. 

To help stop unwanted marketing calls, register your mobile and landline phone numbers for free with the Telephone Preference Service (TPS).

The Information Commissioner’s Office (ICO) has more on nuisance calls and texts, including how to complain about them.

Protect yourself from PPI scams 

If you think you have been approached by scammers, including about a PPI refund, you should report it to Action Fraud.

If you think you might have been scammed, stop sending money to the company and individuals involved straight away. 

If you have given them your bank account details, tell your bank immediately. 

For more information about PPI and this campaign, please contact FCA by visiting their website or calling 0800 101 8800. 

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