A compensation claims company will file an appeal in its legal battle to extend the deadline for payment protection insurance (PPI) payouts before a deadline on Friday.
The High Court last week rejected a bid by We Fight Any Claim to bring a judicial review challenging the Financial Conduct Authority’s (FCA) August 2019 PPI claims deadline.
Mark Davies, legal adviser to We Fight Any Claim, said: “We’re appealing this because the effect will be to deprive about 15m people – most of whom don’t even know they’ve had PPI – of the possibility of justice.
“If we don’t succeed, it’ll hurt us, but we won’t be the main losers, they will.”
Nick Baxter, chairman of the Professional Financial Claims Association (PFCA), said: “It was disappointing to see that the original appeal was rejected. Matters of this gravity for consumers should be tested in a court.”
Earlier this week, figures from the FCA showed that PPI payouts by lenders have totalled £27.4bn since 2011, with £260m going out in May alone.
The FCA is preparing to launch a £42m advertising campaign, encouraging bank customers to make claims over PPI, on 29 August, exactly two years before the deadline.
An FCA spokesperson said: “We believe the deadline is the right thing to do for consumers and will continue to defend our approach.”