‘Significant delays’ in PPI claim processing – Financial Conduct Authority

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editor@newrytimes.com
Tuesday, October 22nd, 2019
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The Financial Conduct Authority (FCA) has alerted that consumers may experience significant delays in the resolution of PPI complaints.

A substantial increase in the volume of complaints received in the run-up to the August 2019 deadline has created a backlog, with some firms estimating that it may be summer 2020 before consumers receive a final response.

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The FCA is challenging firms to deal with complaints as quickly as possible but highlights that it is important that the quality of complaint handling does not suffer in order to reduce backlogs.

 

 

Scott Kennerley, Director of Financial Services at The Consumer Council commented, “Firms usually have up to 8 weeks to give their final response to your complaint.

“This announcement from the FCA recognises that some firms are not able to meet this timescale.

“If you have been waiting for a response to your PPI claim for more than 8 weeks, contact the company.

“It should be able to tell you how long it is taking to respond to complaints.

 

 

“Consumers who find themselves in vulnerable financial circumstances should contact their provider and explain their situation so that providers can assess whether their complaint might be prioritised.

He added, “Ultimately, if consumers are unhappy with the final response with their provider, they can take their complaint to the free and independent Financial Ombudsman Service (www.financial-ombudsman.org.uk / 0800 023 4567).”

 

 

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