The Financial Conduct Authority may have delayed its decision on declaring a PPI claims deadline but its actions support the idea. It has recently given the first chunk of the £42.2m bank-sponsored PPI advertising campaign fund to M&C Saatchi and Manning-Gottlieb OMD for the creative development and media asset buying needed for the planned PSA to bring about the June 2019 PPI claims deadline.
This is a sign the FCA is likely to announce in the first quarter of 2017 its decision to pursue the PPI claim deadline — which most consumer groups and consumers believe is in favour of banks. Consumers who would fail to process their PPI claim could have their refunds add to the banks’ saved profit of £20bn. Campaign group Payback Time believes the trend of adding £1bn for each bank almost every quarter would specifically add up to more than £20bn more in recompense — more than the £40bn refund estimated to finish by 2019.
The City watchdog is accused of siding with banks rather than concerning themselves with consumers. The UK government is also accused of siding with banks after former Chancellor George Osborne turned tail on using FCA probes to study and predict possible future financial disasters from the current systems of the banking industry