- Tuesday, 1 June 2010Which? is urging consumers to take advantage of the Financial Services Authority's (FSA) temporary new rule, which gives those who have complained about payment protection insurance (PPI) longer to refer it to the Financial Ombudsman Service (FSO).
PPI could lead to the need for a
debt management plan if it is missold and becomes an added expense on top of a
loan.
The FSA announced on May 28th that the six month limit for referring a PPI complaint to the FSO will be suspended for five months until October 27th.
Vera Cottrell, principal policy advisor at Which?, said: "Of the two million people we reckon have been missold PPI, only a minority ever complain. It's outrageous that so many consumers are still waiting for fair redress, and we hope that this decision encourages more of them to persist.
"Our advice to people is: Don't let your bank fob you off."
Consumers who complained to their provider about PPI and received an unsatisfactory response between November 28th 2009 and April 28th 2010 will now have longer to redress their grievances.
The rule was introduced to ensure that recent PPI complainants do not run out of time to go to the FSO, while the FSA works towards finding a fairer method for consumers to complain about PPI.
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