PPI firm JMP PARTNERSHIP, based in Sandown, has announced it is set to close next year after 13 years of business.

In July, the claims management company closed to new PPI clients, and five months on, the firm has announced it will shut up shop for good, and the directors will retire.

"Rather than protecting consumers, the Financial Conduct Authority (FCA) is protecting the banks," said business owner Jon Platt.

"They think we're the problem, not the corrupt, fraudulent banks.

"Thousands of people will lose their jobs ­— the industry's closing by one or two firms a day ­— all because the FCA don't want to see the next PPI.

"Hundreds of times, every year, banks have lied to us and told us our clients aren't owed anything.

"It's been a very rewarding job ­— we're talking about potentially life-changing money.

"I've really enjoyed taking £65 million from the banks and putting it back into the consumers pockets ­— into Island residents' pockets."

With the firm closing, 15 individuals will lose their jobs in March.

"We have a wonderful group of bright individuals here at JMP, and I'm sure they'll all go on to achieve great things," said Jon.

On the company Facebook page, JMP Partnership stated: "We still have a lot of work ongoing ­— 1,700 clients with 2,000-plus live cases­ — but we expect to get them all finalised by the end of March.

"It has been an absolute pleasure, serving our clients, but sadly the writing was on the wall for our entire industry.

"We were hoping the wonderful people who work for us might be able to carry on with the business after our retirement, and recover money for consumers ripped off on interest-only-mortgages, packaged bank accounts, mis-sold investments and a dozen other 'banking scams', but sadly we have come to the conclusion that come April 1, 2020, the entire industry will have been regulated out of existence.

"All that remains to be said is thank you to all our clients who have trusted us over the years ­— all 16,000 of you ­— and our wonderful, dedicated employees past and present ­— it's been a blast."

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