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FCA considers PPI claims deadline against expert advice

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Written by: Rebekah Commane
16/06/2016
The Financial Conduct Authority (FCA) has softened its stance on banks and is backing their calls for a two-year deadline on new missold payment protection insurance (PPI) claims.

The Times reports that the move goes against the view of the FCA’s own experts and comes after a public row over the decision to scrap a review of banks’ conduct.

Banks lobbied the FCA for a cut-off to be introduced for new claims and in November the authority said that a deadline, highlighted with a marketing campaign, would see an end to the debacle, though a definite decision has yet to be made.

However, The Times suggests that the FCA’s experts had privately warned that the move would not comply with the authority’s own customer fairness rule and that a deadline could only be imposed if customers were written to directly by banks.

Banks have said they are having difficulties reaching customers affected and that they are being pursued by claims management companies on behalf of clients who never had a PPI policy.

An FCA spokesman told the newspaper that its consultation over a deadline “was designed to encourage all stakeholders to share their views”.

Since the PPI misselling scandal first came to light in 2011, a total of £24 billion has been paid out in compensation.

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