PPI claim deadline proposed for June 2019

This entry was posted on Tuesday, August 2nd, 2016 at 8:41 am

The Financial Conduct Authority (FCA) wants to set a June 2019 deadline for people to make claims over mis-sold payment protection insurance (PPI).

The financial regulator wants the rule for setting the deadline to come into force by the middle of 2017 alongside a public awareness campaign.

The FCA will listen to feedback on this and other proposed changes before its consultation closes on 11 October.

Banks have so far paid out £24bn in compensation.

Andrew Bailey, FCA chief executive, said: “Putting a deadline on PPI complaints will bring the issue to an orderly conclusion in a way that protects both consumers and market integrity.

“We have listened to all the feedback we have received and believe that the steps we are taking are the right ones.

“We will ensure that our communications campaign will engage with all those who could be affected, particularly vulnerable consumers.”

Source – BBC News