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Banks call for PPI time limits...

21st January 2013

The UK's banks have asked the Financial Services Authority to set a deadline of April 2014 for all further claims for compensation for mis-sold payment protection insurance (PPI) policies.

The FSA says it will consider the idea, which will only be agreed if the regulator is convinced it is in the interests of customers.

But there will be no new policy without a public consultation.

So far the banks have set aside just over £13bn to pay compensation.

As part of a deal with the FSA, the British Bankers Association (BBA) has offered to pay for a big advertising campaign to alert people to their rights to complain.

But the FSA's initial response was cautious.

"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," it said.

"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 added.

Source: BBC News

Posted in PPI, Banks, UK, Payment Protection Insurance, Deadline, Financial Services Authority, Mis-selling Scandal

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