About the FCA and PPI

The Financial Conduct Authority (FCA) regulates the financial services industry in the UK, including banks and other providers.

We set most of the rules that financial businesses in the UK have to follow, including how they promote and sell financial products, and how they deal with complaints.

Our role includes:

  • protecting consumers
  • protecting and enhancing the financial system
  • promoting competition

PPI: our role

We found that PPI was often mis-sold.

We have also introduced rules that mean customers can complain that a bank or other provider earned a high level of commission from the sale of PPI, but didn’t tell the customer when they bought it.

We provide information about PPI and can help you understand it, but we cannot give you advice about your individual circumstances or complaint.

We also cannot check if you had PPI or review individual complaints.

Find out more about PPI and how it was sold.

We also provide information to help you avoid PPI refund scams, such as where you pay an upfront fee for someone to complain about PPI on your behalf but they do not make a complaint.

Deadline for PPI complaints

We have set a deadline of 29 August 2019 to complain about PPI.

Your bank or other provider must receive your PPI complaint by 29 August 2019 – otherwise you lose your right to have your complaint considered.

We expect this deadline will prompt people to take action – including checking if they had PPI and finding out how to complain – rather than put off making a decision. We believe 2 years is a reasonable time for people to decide whether they want to complain.

We are leading a campaign to inform people about the deadline for PPI complaints, and to provide other information and support.

This campaign is funded by 18 financial businesses that together receive most complaints about the sale of PPI.

You should act as soon as possible. Although 29 August 2019 is the general deadline for PPI complaints, you may have less time to complain about mis-selling, including if you:

  • received a letter from your provider about the way PPI was sold to you – most of these letters were sent between 2012 and 2015
  • made an insurance claim on your PPI policy that was rejected by the insurer

If you aren’t sure how long you have to complain, ask your provider for more information as soon as possible.

The PPI complaint deadline may not apply if you still have a PPI policy and make an insurance claim on it, but your claim is rejected. 

You may also have the right to complain to your bank or other provider, or to the Financial Ombudsman Service, after the deadline if you experience ‘exceptional circumstances’ that mean you can’t complain within the time limit. The Financial Ombudsman Service has more on ‘exceptional circumstances’.

Financial Ombudsman Service and complaints

The FCA does not deal with individual complaints.

The Financial Ombudsman Service is a free, independent service for settling disputes between financial businesses and their customers. They can deal with complaints about a wide range of financial issues, including PPI.

You might want to contact the Financial Ombudsman Service if you complain to your bank or other provider and aren’t happy with their final response, or you don’t get a final response within 8 weeks.

If you complain to the Financial Ombudsman Service they will contact both you and your provider to ask what has happened, then the Financial Ombudsman Service will decide whether to uphold your complaint.

You will be able to complain to the Financial Ombudsman Service after the 29 August 2019 deadline if:

  • your bank or other provider received your complaint before 29 August 2019
  • you complain to the Financial Ombudsman Service within 6 months of receiving your final decision from the bank or other provider

Find out more about what happens after you complain about PPI.

The FSCS and businesses that go bust

The FCA is not the compensation scheme for customers of financial businesses that go bust.

If you think you were mis-sold PPI by a provider that has gone out of business, you may be able to claim on the Financial Services Compensation Scheme (FSCS) – find out if the FSCS can help.

The Financial Services Compensation Scheme (FSCS) may cover you if you are, or were, a customer of an authorised financial business in the UK that no longer exists and the FSCS considers it to have been declared ‘in default’.

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