Financial Conduct Authority  

FCA delays PPI rules until new year

FCA delays PPI rules until new year

The Financial Conduct Authority (FCA) has pushed back its response to its payment protection insurance (PPI) consultation to the first three months of 2017.

The FCA had intended to confirm rules and guidance on PPI at the end of this month.

A spokesperson said: "We have received a large amount of feedback and, given the importance of this matter, we are carefully considering the issues raised and will make a further announcement in the first quarter of 2017."

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The initial consultation paper published in August had covered guidance on a deadline for PPI complaints, and on how firms should approach PPI complaints following the Supreme Court’s judgment in Plevin vs Paragon Personal Finance Limited. 

The consultation paper promised a decision on whether to proceed with these rules in December 2016. 

The spokeperson said: "This [deadline] was subject to a number of variables including the extent and nature of the feedback received in response to the consultation. We committed to issue an update if we were likely to depart from the proposed dates."