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FCA could yet impose time limit on PPI complaints

The FCA is considering imposing a time limit on complaints for missold payment protection insurance as it reviews the claims process to see whether its approach is working.

The regulator says it is gathering evidence on trends in PPI complaints to determine whether the system is “continuing to meet its objectives” of consumer protection and enhancing the integrity of the UK financial system.

Since January 2011 banks have dealt with 14 million PPI cases, upholding 70 per cent of complaints and paying a total of £17.3bn in redress.

Findings from the review will be released in summer, and the FCA says it may then make further “interventions” if appropriate.

Potential interventions include a time limit on complaints, first discussed by the FSA in 2013, a consumer campaign or other rule changes or guidance.

The FCA says: “While this work continues, the FCA expects firms to continue to deal with PPI complaints in accordance with our requirements.”

In February last year, the FCA played down suggestions a potential deadline on new complaints could be introduced despite holding talks with the British Bankers’ Association.  

In August, the FCA demanded banks review 2.5 million claims which may have been unfairly rejected or where consumers were paid too little compensation. 

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. Is this not the very same FSA/FCA that failed properly to regulate the sales of these products in the first place and thereby passively facilitated an epidemic of mis-selling them? In the meantime, the CMC’s have enjoyed a field day and run amok. Another case of trying to close the stable door long after the horses have bolted.

  2. Why should those that were involved in benefiting from this abuse of the system ever be allowed to avoid being brought to book? Change the name, give it more powers, it matters not a jot, the FSA/FCA is still out of synch.

  3. But no longstop for advisers?

  4. I cannot imagine that there is anybody left in the UK who has not suffered a bombardment of toxic emails, texts, phone calls, letters, personal beseechments or other contact by a marauding CMC or failed to read/hear about the fiasco.

    A line needs to be drawn under this matter and, forgive me for saying, but anybody who was mis-sold a plan and has yet to claim must be so foolish as to not warrant compensation in any event.

  5. Alan, I do agree with the annoying level of calls made by CMC’s. I believe being ignorant rather than foolish is at the crux of the problem and its the same level of ignorance that is causing the soon to be cataclysmic SIPP’s disaster. Ignorance isn’t always a crime and neither warrants, nor deserve contempt.

  6. Jim Gower stated that consumers should be protected from being made idiots of but should be allowed to make idiots of themselves

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