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.

You need to refer your complaint to your provider or to the Financial Ombudsman Service on or before the 29 August 2019 deadline (by 11.59pm) or else lose your right to have your complaint assessed.  

You shouldn’t wait until 29 August 2019 - act sooner rather than later to check if you had PPI and decide whether to complain. 

29 August 2019 is the last possible deadline for consumers to make PPI complaints, but for some consumers time will run out sooner than 29 August 2019

  • you will generally run out of time to complain about mis-selling 3 years after you received a letter from your provider warning you about it
  • or 3 years after you made an insurance claim on your PPI policy that was rejected by the insurer

You will need to obtain an acknowledgement that your complaint was received by your provider or the Financial Ombudsman Service. We suggest you do this before the deadline.

Remember if you complain via:

  • post - allow enough time for the complaint to reach your provider before the 29 August 2019
  • telephone - be aware that phone lines will close before midnight 
  • online - please submit your complaint in advance to avoid any delays because of an increase of submissions close to the deadline

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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