Throughout the course of 2017, we saw two big developments in the ongoing PPI saga. First came the results of the Plevin ruling, which meant the field of people able to claim was widened, but there was also the announcement of a final claims deadline, which has been set for 2019.

These news moments came against a backdrop of the financial services sector having already set aside huge pots of money to compensate for miss-sold PPI, but with many big players continuing to struggle to process the amount of claims that are being made.

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The FCA recently announced that PPI complaints have risen 24% in six months, and that’s only set to grow bigger as the final deadline begins to loom larger. At first glance, this may seem overwhelming for businesses, but by taking a strategic approach, they can start to see light at the end of the tunnel.

Specifically, they should be looking to deal with the huge amount of claims by ensuring they communicate using the Three P’s: Process, Proactivity and Proof. This means placing a firm focus on internal processes, acting proactively when reaching out to customers and being able to prove compliance will make it far easier for the industry to ride out the storm.

Failing to follow this process will leave financial services firms running the risk of facing the FCA’s wrath, while damaging valuable customer relationships.

The real winners to emerge from this saga next year will be the ones who treat it as a wake-up call. We live in turbulent political and economic times, so as a wider point, every stakeholder within the financial services sector must be confident they are laying the groundwork for full compliance and traceability.

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This will leave them perfectly placed to ride out future storms of a similar nature.

 Tim Dimond-Brown is VP Operations at Quadient