We Fight Any Claim is expected to challenge the City watchdog over PPI claim time limit

Georgina Varley
Lenders have paid out almost £30bn to compensate customers

The City watchdog will be challenged in the High Court over its decision to place a time limit on payment protection insurance (PPI) claims.

We Fight Any Claim will bring a judicial review against the Financial Conduct Authority (FCA), who has now set 29 August, 2019 as the cut-off date for new actions.

Read more: It's official: This is the deadline if you want to make a PPI complaint

There are at least £50bn worth of PPI contracts that may have been mis-sold and We Fight Any Claim believes there is not enough time for all of the victims to claim back the money they are owed.

We Fight Any Claim has benefited from the PPI scandal. Its turnover increased by 64 per cent in 2015 to £27m.

The City watchdog estimates that between 52m and 64m PPI policies were sold to approximately 30m people, many of these were sold between 1990 and 2010.

Read more: Lloyds Banking Group profits double to £1.3bn sending shares higher

Lenders have paid out almost £30bn to compensate customers who were mis-sold.

Last year, the government reduced the financial rewards for PPI brokers in an attempt to decrease the number of opportunistic claims.

The FCA declined to comment.

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