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FCA decides to impose PPI complaints deadline

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The FCA is to introduce a deadline on new complaints about missold payment protection insurance as part of a wider package of measures to draw a line under the PPI saga.

The regulator plans a two-year window for new PPI complaints to be brought, which will start by the end of June next year and run until the end of June 2019.

Alongside the deadline, the FCA will launch a consumer awareness campaign to make the public aware there is a time limit to PPI complaints.

There will also be rules and guidance following a judgment in the Supreme Court, known as the Plevin case.

In the ruling in November 2014, the court ruled failure by a lender to disclose large commission on the back of a PPI sale made the relationship between the lender and the borrower unfair.

FCA chief executive Andrew Bailey says: “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.”

The FCA will consider feedback on its proposed rules, with the consultation closing on 11 October.

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FCA set to cave in on PPI claims deadline

The FCA is set to back calls from the banks for a two-year deadline on bringing claims for missold payment protection insurance despite warnings from its own staff. The Times reports internal FCA documents which suggest a shift in thinking at the regulator which supports the introduction of a cut-off date for PPI complaints. In […]

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Comments

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

  1. Can we have a advice complaint deadline too…

  2. that should be “an” not “a” sorry.. typing too fast…

  3. The FCA has just presented a marketing opportunity of the very worst kind or out of adversity comes opportunity?

    ABI Director General Otto Thoreson met with the PM in Feb 2012 to discuss something that the UK is a Euro leader at – Whiplash claims management.

    This unenviable accolade was generated by the unchecked growth of a fantastically poorly regulated industry that often encourages the opportunist in such an unchecked way that many would see the time has come to reset the moral compass if not the legal one too.

    We examined some of the more outlandish examples of fraudulent claims and found that something really was “rotten in the state of Denmark”?

    http://bit.ly/2awPtH8

    To give another 2 years is madness.

  4. Hang on just one minute. The lending community gets a deadline for something that was missed on an industrial scale and yet the same bunch refused to reinstate the long-stop for advisers, who account for a minuscule number of “general complaints”. As the youngsters these days would say… WTF!!!!!!!!!!!!
    Can someone please tell me where the equity is in this? I can feel a court case for discrimination coming up

  5. A not before time either !

    Crikey we have as an industry (we are all tarred with the same brush) been dragging this stink around for far to long.

    I have never advised or recommended PPI, but it matters not, just by association I have taken on the smell !

  6. When you have clients trying to claim for missold PPI and openly admitting they only tried it on as they say in their words; ‘the banks have screwed us over so we’re screwing them’. What they didn’t realise is they were actually complaining against me (the adviser) and not the company as they thought. When I showed them the email they had sent me thanking me for organising everything and saving them money on their mortgage and MPP not PPI as they alleged the complaint of course disappeared. My respect for two highly paid professionals also disappeared and to think we’ve got another 3 years of this.

  7. I agree with Marty and DH. The reason why it is called common law I suspect is it is common to all. In common law there is the 15 year longstop, 6 and 3 year time bars, but it only seems to be than Banks and bigs boys who can rely on the latter.

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