New wave of PPI complaints to come after possible CCA breaches

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Banks are set for a new wave of PPI complaints following an FCA ruling that banks who failed to disclose a commission payment of more than 50 per cent of the PPI premium may have breached the Consumer Credit Act.

Consumers who fell prey to PPI on or after 6 April 2008 qualify for the new round of compensation. Those who have already successfully claimed may not be able to claim again.

The FCA also revealed plans to impose a two-year time limit on complaints, with the deadline likely to fall in Spring 2016.