FCA sets PPI deadline

FCA sets PPI deadline




The Financial Conduct Authority (FCA) has released a statement confirming a deadline for new Payment Protection Insurance (PPI) complaints after developing proposals made at a consultation in November 2015.

If after assessing further feedback the FCA proceeds with the proposals, it expects the deadline to be set for the end of June 2019.

The package of proposals included introducing a deadline for new PPI complaints as well as a marketing campaign to raise awareness of PPI issues and the deadline. The FCA also plans to create rules and guidance on PPI complaints in response to the Supreme Court case of Plevin v Paragon Personal Finance Ltd.

Before making a final decision, the FCA will be consulting on a number of proposed changes.

This consultation will close on 11th October 2016.

Andrew Bailey, chief executive of the FCA, said: “Putting a deadline on PPI complaints will bring the issue to an orderly conclusion in a way that protects both consumers and market integrity.

“We have listened to all the feedback we have received and believe that the steps we are taking are the right ones. We will ensure that our communications campaign will engage with all those who could be affected, particularly vulnerable consumers.”

In response to the news, a spokesman for the British Bankers’ Association commented: “The FCA’s announcement provides further clarity for consumers on the proposed timeframe for making PPI complaints.

“An awareness campaign will also help to ensure everyone who deserves compensation gets it.

“The easiest way for anyone who suspects they are owed compensation is to talk directly to their bank.

“We will continue to work constructively with the FCA as they consult on these proposals.”

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