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NFDA supports PPI deadline

NFDA 02/03/2017

"The NFDA supports the FCA’s deadline of 29 August 2019 for making payment protection insurance complaints as it will give certainty to dealers”, said Sue Robinson, Director of the National Franchised Dealers Association (NFDA), commenting on the announcement made by the Financial Conduct Authority (FCA).

The FCA has confirmed that the payment protection insurance (PPI) complaints deadline and FCA-led communications campaign will go ahead, meaning that consumers seeking compensation over mis-sold PPI will have to make their claims before 29 August 2019. The campaign will launch at the end of August to raise awareness and understanding of PPI and prompt consumers to make a decision about whether to complain.

Robinson concluded, “We expect claims management companies to actively solicit customers to make claims over the next two years and we urge dealers to fully investigate any complaints they receive to check their validity. The number of claims is likely to increase in the short term, but recent experience suggests that the quality and quantity of these have been falling.

“Dealers have been facing significant administrative burdens and costs for PPI claims and we believe the deadline will put an end to the uncertainty previously caused.”

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About the RMI

The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.