Hundreds of millions of pounds still sit unclaimed in mis-sold Payment Protection Insurance (PPI) pay-outs, in the biggest financial scandal the UK has ever seen. According to the Financial Conduct Authority (FCA) a jaw-dropping £963m was paid out in the first 3 months of 2019. Source: fca.org.uk
However, banks brace themselves for a bigger bill as the deadline to claim draws nearer. According to the FCA millions of more customers have yet to reclaim PPI before the deadline of midnight 29th August 2019, in addition to existing claims which haven’t been finalised.
PPI was first introduced by banks and lenders as a safety net to ensure repayments towards a loan were made if ever the customer lost a job, became ill or disabled or if they died.
An estimated 60 million people were mis-sold the cover in the 1990s and early 2000s with many being sold the insurance without their knowledge, incorrectly, or systematically overcharged for the cover.
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