You may have noticed a recent surge in publicity surrounding Payment Protection Insurance (PPI), and that’s because claim management companies are ramping up their efforts to act on your behalf before time runs out to make a claim.
The deadline for submitting a claim for compensation for missold PPI is 29th August 2019. With billions of pounds set aside by financial institutions yet to be claimed, the FCA is encouraging those who have either forgotten, or are not sure whether they had PPI, to investigate their position by enquiring with financial institutions.
Despite the PPI campaign gaining momentum, one area which is often overlooked is that of fiduciaries, i.e. those who manage the assets of others – be that executors, attorneys or court appointed deputies. The Society for Trust and Estate Practitioners (STEP) has recently issued a briefing note, warning anyone dealing with the administration of a deceased person’s estate to consider the possibility that the deceased could have taken out mis-sold PPI, and that the estate could be due compensation.
If you’re currently acting as an executor, or you have done so previously, you may be able to submit a claim for compensation on behalf of the deceased. However, the same rules apply and it’s important that any such claim is submitted before the August cut-off. STEP has also advised that estate files from as far back as 2000 could be subject to a claim.
If you’re dealing with an estate through a solicitor or an adviser, speak to them about PPI before it’s too late, as they may be able to support you with your claim.