Is setting a PPI time limit legal?

Is setting a PPI time limit legal?

The ability to make a claim for Payment Protection Insurance (PPI) is now drawing to a close.  The regulators, the Financial Conduct Authority (FCA) are looking at setting a time limit in August 2019 to conclude the starting of any new PPI claims.


The Financial Conduct Authority (FCA) are a regulatory body that oversees all financial institutions and is set up to make sure that all Practises are fair and appropriate to protect consumers and the global economy.

It is therefore surprising that, after being so hard on the banks (where following the crisis in 2007 and 2008 they showed resolve and mettle under their previous leadership) that they are now choosing to side with the banks and bring an end to PPI claims.

This is despite over 80% of consumers not having claimed on their policies that they had in the past and which is largely due to the fact that they do not realise they are there.

Can the PPI time limit be challenged?

The PPI time limit is likely to be challenged but success for this is likely to fail.  This is because the FCA have the all-seeing power over whatever they want by the way that they have been set up.

This is good in some ways, as anyone (including the financial institutions) could challenge them at any particular point in time.  However, it can be prone to abuse if their decisions are not decided upon, purely due to factual information that will benefit consumers but instead are swayed by the powers of, not only the financial institutions that they are there to govern, but also the government at the time.

Get your PPI claim in now!

Regardless of whether there is going to be a legal challenge in relation to the mis-selling of PPI, there is still a considerable amount of time to make claims to the banks if PPI was mis-sold.

You will need to establish if you had PPI, which we can do on a free of charge basis and, once it is established, we work on a no win no fee basis to see if the policy itself was mis-sold.  If it was mis-sold, we then look to obtain a refund on your behalf.

Five PPI facts

  1. PPI has been mis-sold since the late 1980s, where almost 64 million policies were sold where a large proportion of these were in fact mis-sold.
  2. Banks made billions of pounds in profit from the PPI sales.
  3. Refunds so far have totalled £25billion.
  4. 80% of PPI policies that were sold (or just over 50 million policies) have not been challenged or claimed upon in relation to mis-sale.
  5. Millions of people can potentially claim and receive a windfall with regard to mis-sold PPI.

How do I know if I had PPI?

To find out, we can look for you on your behalf on any old facilities that you may have had, whether you had any paperwork or not, whether you know if there was PPI, or not and regardless of how long ago and which lender it was.

We can look at it all on your behalf.  This takes out any element of doubt as to whether you had PPI and whether you are one of these millions of people who have yet to make any form of claim.

Martin Knipe