View more on these topics

FSA says it is ‘prepared to consider’ PPI claims deadline

FSA Sky Angular 480

The FSA has confirmed it is holding talks with banks over introducing a deadline for consumers to bring complaints about payment protection insurance misselling.

The Financial Times reported this morning the regulator has been discussing a time limit for consumers to bring PPI complaints with the British Bankers’ Association, with the BBA pushing for a deadline of May 2014.

In a statement today, the FSA says introducing the deadline would be contingent on banks funding a widespread ad campaign to ensure consumers are aware about the PPI issue and how to complain.

The FSA says: “Our key priority is to ensure consumers are protected, so the FSA board would need to be convinced that any proposals would be in the interests of consumers.

“We have had initial discussions and are prepared to consider the merits of this and other options. A key consideration will be the potential to get compensation to more consumers, more quickly.”

The FSA says it will continue to hold talks with the BBA, and will also consult consumer groups and other industry stakeholders. It says changes to FSA or Financial Conduct Authority rules will not be made without full consultation.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. It will need some strong lobbying and some “Hectoring” to get this through.
    Still no long stop for IFA’s

  2. Sounds to me very much like a longstop. So why are the banks to be granted one but IFA’s are not?

  3. Amazing that Mr Sants gets a job with Barclays and this is being considered by the FSA who refuse to consider a longstop for financial advisers?

    Mind you who has heard of anyone at the top of the FSA leaving to join the ranks of financial advisers?

  4. They want a deadline so they can put more money in their pockets in bigger bonuses this year disgusting behavior asking for a deadline on PPI

    If they want a deadline they should be forced to contact everyone that they feel and have on record they miss sold to and offer a decent settlement

    they should also be forced to pay out PPI to people they have gotten into debt because they miss sold PPI to and this should be paid out regardless of being in debt or not.

    James

  5. If the FSA is looking at a longstop on one of the biggest, most blatant misselling issues of the last 20 years, then let them. It might give some form of precedent that we as an advising community, can refer to in our ongoing campaign for a general longstop……. alongstop that every other profession enjoys.

  6. I deal with these cases I also have a patriotic desire to have a reasonable ” cut off date” for the benefit of the financial state of the country. Dislike them or hate them Banks must rebuild so they can start lending to business again.

    I have been suggesting to Financial Commentators for over a year that there is already a stop date. 20th april 2014. Indeed I wrote to the Director General of The CBI yesterday to suggest that out to him. –Its covered by the FSA complaints regulations. The 3 YEAR RULE. If a “cut off date ” is not agreed lets make sure as many legitimate claimants as possible get their claims in before that date.

  7. Caledonia Consultancy 19th January 2013 at 3:13 pm

    Unbelievable how incompetent the FSA can be – the rules are there already and it is called the Limitation Act.

    Of course once the FSA has pampered to the banks, who did the misselling, they will move on to become the FCA and tell everyone that this was the previous regulator.

  8. Lets be fair here. Why waste money on an advertisement about ppi when we are all sick to death of seeing them on tele already? Do the public a favour Give it 12 months and lets get back to normal.

  9. RegulatorSaurusRex 21st January 2013 at 2:02 pm

    The banks don’t need to advertise, all they have to do is write a cheque and send it to their customers.

    What is it with these chuffing regulators? Ficorwhat?

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com