July 29, 2019 / 9:11 AM / 3 months ago

Claims countdown for UK's costliest consumer finance scandal

LONDON (Reuters) - Britain’s Financial Conduct Authority reminded consumers on Monday that they have only one month left to check if they were mis-sold loan insurance.

Britain’s banks have already paid out more than 35 billion pounds in compensation for mis-selling payment protection insurance or PPI, making it the UK’s costliest consumer mis-selling scandal.

Consumers must complain by Aug. 29 or they will not be able to claim money back, the FCA said.

“With just over four weeks to go until 29 August 2019, we’re asking people to cast their minds back to the nineties and noughties and what might have caused them to take out a loan, credit card or other finance agreement,” said Emma Stranack, FCA PPI deadline campaign lead.

“Weddings, house moves, new cars and holidays are just some of the types of investments people commonly employ credit to help with.”

Reporting by Huw Jones; Editing by Frances Kerry

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