FCA seeks consultation on PPI

The FCA has published a consultation paper around new rules and guidance for payment protection insurance complaints, including setting a deadline.

The paper proposed that if consumers do not complain by the deadline, they lose their right to have them assessed by firms or by Fos.

It also seeks consultation on an FCA-led communications campaign to advise consumers of the deadline, a new fee rule on funding this consumer communications campaign, and new rules and guidance on handling PPI complaints.

The consultation affects consumers sold PPI, claims management companies, and consumer organisations taking up PPI claims on behalf of consumers.

The deadline for submissions to the consultation is 26 February.

Adviser View

Phil Billingham, chartered financial planner at London-based Perceptive Planning, said: “There were practically no sales or claims of PPI through IFAs. Banks or mortgage firms did 99 per cent plus of them. If they were not involved there is no claim. Many in the media have long peddled the myth that IFAs were involved in PPI and misled consumers.”