FCA proposes rejected PPI complaints be revisited

Hourglass-Deadline-Time-Clock-700.jpgThe FCA has proposed firms should write to around 150,000 specific payment protection insurance complainants, previously rejected, saying they can make a new complaint about non-disclosure of commission.

The complainants would have to make the most of this second opportunity before next year’s deadline of 29 August.

In updated guidance issued today, the watchdog says it will take a month consulting on the “areas of uncertainty” on fairness in PPI claims.

The current PPI framework was put into place last year after the after the Plevin v Paragon Personal Finance Ltd decision in the Supreme Court.

Now, the regulator says firms should be assessing commission disclosures on an on-going basis not just at point of sale.

Commission disclosures should also be assessed under the FCA’s general complaint handling rule, it says.

FCA executive director of supervision -retail and authorisations Jonathan Davidson says: “These measures support the good progress we are making toward bringing the PPI issue to an orderly conclusion in a way that secures appropriate protection for consumers.

PPI refunds taper off despite claims deadline

“The final guidance resolves an area of uncertainty and will ensure fair and consistent outcomes for regular premium PPI complaints.”

A policy statement with finalised rules is set to be issued in late January 2019 if the FCA proceeds on the plans.

Mailings would be completed by 29 April exactly four months before the claims deadline.

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