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| Version 3 | Version 4 |
|---|---|
| PPI payout deadline considered by regulator | PPI payout deadline considered by regulator |
| (35 minutes later) | |
| The financial regulator, 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). |
| It anticipates that PPI customers would still have at least until 2018 to claim compensation. | It anticipates that PPI customers would still have at least until 2018 to claim compensation. |
| So far more than £20bn has been paid out for PPI mis-selling to more than 10m consumers. | So far more than £20bn has been paid out for PPI mis-selling to more than 10m consumers. |
| The policies were supposed to protect people against loss of income or sickness, but were often inappropriate. | The policies were supposed to protect people against loss of income or sickness, but were often inappropriate. |
| The regulator will now launch a consultation, on whether there should be a deadline on compensation claims. | The regulator will now launch a consultation, on whether there should be a deadline on compensation claims. |
| It said there should be a window of at least two years after the deadline is set. | It said there should be a window of at least two years after the deadline is set. |
| This would not be before the Spring of 2016 - meaning that consumers would have until the Spring of 2018 to make a claim. | This would not be before the Spring of 2016 - meaning that consumers would have until the Spring of 2018 to make a claim. |
| Shares in Lloyds, the bank most exposed to PPI, jumped by nearly 3% in early trading. | Shares in Lloyds, the bank most exposed to PPI, jumped by nearly 3% in early trading. |
| It has set aside £13.5bn to cover claims. | |
| Advertising campaign | Advertising campaign |
| The number of complaints about PPI is falling, but still runs in to hundreds of thousands every month. | The number of complaints about PPI is falling, but still runs in to hundreds of thousands every month. |
| In the first half of 2015 more than 883,000 customers complained about mis-selling, a fall of 16.6% on the same period in 2014. | In the first half of 2015 more than 883,000 customers complained about mis-selling, a fall of 16.6% on the same period in 2014. |
| 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. | 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. |
| What should consumers do? | What should consumers do? |
| The consumer group Which? warned that any deadline could encourage banks to hold up compensation payments. | |
| "A time limit must not reward those that have dragged their heels over paying out compensation," said Richard Lloyd, Which? executive director. |