View more on these topics

FCA weighs PPI compensation cut off

FCA logo new 3 620x430

FCA directors are to hold talks about introducing a deadline for lodging payment protection insurance claims, Sky News reports.

The misselling scandal has so far cost banks around £25bn in compensation payments.

Recent trading statements shows banks have set aside hundreds of millions more to guard against future claims.

But the regulator is to debate imposing a “time-bar” deadline at a scheduled board meeting today.

A decision is not expected imminently and any changes would likely be subject to consultation.

Following a Supreme Court ruling in May, the FCA said it would investigate how firms could better handle complaints relating to PPI.

Autonomous Research – chaired by former City minister Lord Myners – has estimated the decision could add £33bn to firms’ bills if the judgment was extended to other products.

In 2014, the FCA asked banks to review 2.5 million complaints which it said could have been rejected unfairly or resulted in too little compensation being paid.



Insurers to address FCA annuity sales confusion

The Association of British Insurers plans to address confusion about apparently conflicting annuity sales data published by the industry and the FCA in recent weeks, Money Marketing understands. Data published by the FCA last week suggested just 12,418 annuities were sold in the second quarter of 2015, compared to 46,368 in Q2 2014 and 89,896 […]

Poyntz-Wright-Nick-FCA-2013 500 x 320.jpg

FCA director Nick Poyntz-Wright exits

FCA director of long-term savings and pensions Nick Poyntz-Wright has left the regulator, Money Marketing can reveal. As part of his remit, Poyntz-Wright oversaw the supervision of financial advisers. This has now been passed to Linda Woodall, who the FCA announced earlier today has been appointed director of life insurance and advice. An FCA spokeswoman […]

Trouble ahead - thumbnail

Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. So if a bank sold PPI a time bar could be introduced…..I wonder if the same will apply if an IFA sold it….??


Leave a comment