A Peterborough law firm has criticised plans to impose a deadline for claims on Payment Protection Insurance (PPI).
Ferguson Financial Solicitors, of Flag Business Exchange, near Boongate, warns it could cut off small firms from a “valuable” source of funds.
The Financial Conduct Authority wants a spring 2018 deadline for PPI claims against UK banks, which have set aside billions of pounds to compensate customers that have been mis-sold the insurance.
Maurice Power, managing director of Ferguson Financial Solicitors, said: “PPI compensation has become a valuable channel to help individuals in financial difficulty. If an individual or business is facing financial distress, claiming redress for PPI can help repay creditors. Part of our work is to assess insolvent businesses and bankrupt individuals for the possibility of making PPI claims to generate much needed funds for their creditors and we are not yet seeing any slowdown.”
The firm says in the last year it has generated more than £1.5 million in PPI redress for the benefit of thousands of businesses and people.