At present there is no deadline for making PPI claims. However it is believed that the British Bankers’ Association has suggested a deadline of May 2014 for people to make PPI claims. In return the banks would finance a widespread advertising campaign to tell people of the deadline. Although there is considerable advantages in this proposal to the banks – it would enable them to move on, close down their claims departments and thus save money, their would seem to be little real benefit to consumers other than an icreased awareness through the banks highlighting this.
Banks should already have written to all customers telling them that they’ve been mis-sold PPI, but to date it does not seem that all banks have complied with this. The Financial Services Authority is considering the BBA’s request but is yet to make a decision on the proposal.
In the meantime, many banks have missed the deadlines imposed on them by the financial ombudsman to clear their own backlogs of unresolved PPI cases