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.