Deadline for PPI complaints imminent

Deadline for PPI complaints imminent

The Financial Conduct Authority is looking to introduce a deadline for payment protection insurance (PPI) complaints.

The financial watchdog has today (26 November) published a paper asking for views on how a deadline would work, how the FCA should communicate that to the public and how a communications strategy should be funded.

In October, the FCA issued proposals that should help banks to draw a line under the long-running saga over mis-sold payment protection insurance by imposing a deadline for complaints.

Article continues after advert

The body is asking for consumers, claims management companies and any organisations that sold faulty PPI to respond to the consultation by the end of February.

The PPI mis-selling scandal has dragged on for years.

Just last month Lloyds Banking Group increased its provisions for expected payment protection insurance compensation by a further £500m in the third quarter, bringing the total amount provided to £13.9bn.