PPI Fee Cap Deadline Announced for CMC’s by the Ministry of Justice

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PPI Fee Cap Deadline for CMC’s Announced Today by the Ministry of Justice

PPI Fee Cap Deadline – On the 11th of May 2018 at 4:57pm, the Ministry of Justice has announced that the Financial Guidance and Claims Act 2018 (“the Act”) received royal assent on 10 May 2018. The deadline for the Fee Cap which is to come into force on 10 July 2018. With less that two months from the date of royal assent, The Act which prohibits fees on more than 20%, exclusive of VAT, being charged for Payment Protection Insurance (PPI) claims and restricts CMCs and legal services providers from charging the client where no award has been recovered.

Time is ticking for Claims Management Companies who currently deal with PPI Claims as they try to get as much leads as possible and close them before the cap deadline.

More to follow…

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