And so financial providers were forced to stop selling the policy, which led to massive outcries, complaints and a mutli-billion pound claims market. The selling stop is what should be done by a lot of financial institutions in this case.
Now, almost 6 years later we are reaching a natural threshold in which it may mean you’re less likely to compensate for being mis-sold PPI. Financial bodies are bound to keep hold of your financial records for 6 years, at that point they are allowed to legally destroy your records and so financial bodies may start using that as an excuse to reject claims for compensation.
That said financial bodies nearly always favor the consumer so no matter when you were mis-sold the policy there is every chance compensation could be winging its way to you.
If you believe you were mis-sold PPI then you should contact your financial provider immediately, state your case and why you believe you’re owed compensation and £3000 could be sitting in your bank account within a month or two.