The official deadline for making a claim against the mis-selling of payment protection insurance (PPI) is today – but a major court victory could mean consumers can earn a payout from their bank after the official deadline.
The August 29 cut-off has been imposed by the City watchdog, the Financial Conduct Authority, to draw a line under a mis-selling scandal that has resulted in billions of pounds in compensation.The FCA’s intention is that claims against banks and financial institutions are made before the deadline.
Yet a recent court case could open the door to future payouts, according to lawyers.
Azra Akhtar launched a legal challenge against Welcome Financial Services, a loan provider, in which she argued that it had been paid excessive levels of commission for selling her PPI. This constituted an unfair relationship, the court decided.