PPI, incomes, new homes and spending

The Financial Conduct Authority has finally announced a deadline for people seeking compensation over mis-sold payment protection insurance. The City regulator has said that people will have to make their claims before 29 August 2019. In one of the industry’s biggest scandals, banks have set aside more than £40 billion to meet the payouts. Although millions of people have already received compensation, it is thought that many more have yet to lodge claims. The BBC reports that the FCA will conduct a two-year public awareness campaign, starting in August this year. Incomes The Telegraph reports that ‘Britons should brace for two years of stagnant real pay as inflation surges while cautious employers hold back wage hikes’. The Institute for Fiscal Studies says the ‘long shadow’ of the financial crisis means that from the start of the crisis to 2021, households will suffer the worst income squeeze for 60 years. New homes Following recent revelations that Bovis Homes paid £7 million in compensation to customers with poorly built homes, a new report by the housing charity Shelter has found that more than half of the buyers of new homes have experienced major problems with their properties.