麻豆社

Martin Lewis has told 麻豆社 5 live that the final deadline for Payment Protection Insurance (PPI) claims - set for August 2019 - "protects the banks not consumers".

In a passionate rant in his weekly 鈥淟unch Money Martin鈥� half-hour on 5 live Daily, Martin revealed his anger at the imposition of the deadline by the Financial Conduct Authority.

鈥淭he FCA will try to say it鈥檚 in consumers鈥� favour, which it isn鈥檛. Stopping them reclaiming when they need to reclaim, isn鈥檛... The banks want to draw a line under this.

If you have had a loan, a credit card, a store card, a catalogue debt, an overdraft or a mortgage ever, or you still have one, then you should be checking your paperwork now."

Megan Butler of the FCA responded: 鈥淭his is not all to do with protecting the banks鈥� balance sheets. This is entirely to do with the consumers, because we know people are putting off complaining and are deaf to PPI messages. These are people who may be owed money. We need to find a way to prompt them into action and that is the purpose of the deadline.鈥�

This clip is originally from 5 live Daily on Monday 6 March 2017

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