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FCA mulls deadline for PPI complaints PPI payout deadline considered by regulator
(34 minutes later)
The Financial Conduct Authority (FCA) is considering a deadline for claims over mis-sold payment protection insurance (PPI). The financial regulator, the Financial Conduct Authority (FCA) is considering a deadline for claims over mis-sold payment protection insurance (PPI).
The FCA is proposing a deadline which would fall two years after the new rule comes into force. Under its proposal, it anticipates that PPI customers would have at least until 2018 to claim compensation.
It anticipates that PPI consumers would have at least until 2018 to claim compensation. The regulator intends to publish more detail about its plan before the end of the year.
The regulator intends to publish more details of its proposals before the end of the year.
The FCA cited "increasingly stale" evidence from a high number of customers who are pursuing older cases.The FCA cited "increasingly stale" evidence from a high number of customers who are pursuing older cases.
It also said claims management companies are costing customers too much in legal fees. It also said claims management companies are charging customers too much in legal fees.
Bringing a complaint is free for customers, it added, saying that in most cases, people should not have to use a claims management company.
The FCA said that for now, customers concerned about being mis-sold PPI should continue to bring their claims to the banks involved and to the Financial Ombudsman Service.
The FCA said a deadline would "bring the PPI issue to an orderly conclusion, reducing uncertainty for firms about long-term PPI liabilities and helping rebuild public trust in the retail financial sector."The FCA said a deadline would "bring the PPI issue to an orderly conclusion, reducing uncertainty for firms about long-term PPI liabilities and helping rebuild public trust in the retail financial sector."
The watchdog said too many people were taking too long to bring their claims, and that a deadline - along with an advertising campaign promoting any potential deadlines - would spur any outstanding claims to be brought.