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Payment protection claim deadline falls through

Plans to put a deadline on when consumers can claim against their mis-sold payment protection insurance (PPI) have fallen through.

Banks had hoped to see a deadline introduced as it seems that complaints against PPIs could still be received for many years to come.

Yet the Telegraph reported that consumer and lending groups had failed to come to an agreement and the British Bankers' Association, which had been leading the talks, had concluded that a deal was impossible.

PPI remains one of the most complained about banking products in the UK, with the Financial Ombudsman Service (FOS) citing that it represents the highest portion of claims that it receives.

In 2012, PPI claims made up 74 per cent of all cases that FOS dealt with. Additionally, complaints are still proving to be on the rise with 378,699 dealt with.

Natalie Ceeney, chief ombudsman, added that only 10 per cent of consumers that had been sold PPI had made a claim so far.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801598162-ADNFCR

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