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HSBC granted more time on PPI complaints

The FSA has agreed to give HSBC more time to handle its backlog of payment protection insurance complaints.

It follows the temporary extension granted to Barclays, Lloyds Banking Group and Royal Bank of Scotland earlier this week.

PPI complaints should normally be handled within eight weeks. The FSA has granted the extension so that banks have time to handle complaints properly.

HSBC has been granted the same temporary arrangements as Barclays, Lloyds and RBS.

The terms have been agreed following a judicial review launched by the British Bankers’ Association in October challenging the legality of the FSA’s package of PPI redress measures.

The case was heard in the High Court in January, with the court ruling in favour of the FSA in April.

Under the temporary arrangements PPI claims still with the firm but put on hold during the judicial review will receive a decision by August.

PPI complaints received after the conclusion of the PPI review but made on or before August 31 will be responded to within 16 weeks and PPI complaints made between September 1 and December 31, 2011 will be responded to within 12 weeks.

The FSA says all complaints will be dealt with on the eight week standard basis from January 1, 2012.

Barclays has agreed to settle all PPI claims relating to all consumers who complained before April 20.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Dear Hector,

    We need yet MORE time.

    Yours truly

    Banker

    Dear Banker

    No problem, your wish is granted.

    Truly yours

    Hector

    p.s. Any nice jobs going?

  2. From the RDR Implementation Panel

    To: Mark Hoban MP

    Dear Mark

    As you know we are made up of bankers, advisers to bankers and former FSA officials.

    You know that meeting where you said the PPI FOS figures distorted the view of banking complaints well Mark we didn’t expect to lose that Court case and now we need your help for our banking pals before we hand over IFA distribution to them.

    Could you give them about as much time as they need? PS is there any way we can shift some of the blame onto IFA’s as their stats are looking embarrassingly low?

    Signed by: The full membership on the RDR implementation committee.

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