It is important that consumers get the redress which they are due with respect to payment protection insurance (PPI). Ensuring that banks provide appropriate redress for their customers is a matter for the independent regulator, the Financial Conduct Authority (FCA).
I am supportive of the action taken by the FCA to recompense customers for the mis-selling of PPI and prevent cases of mis-selling in the future through regulatory action.
Banks are continuing to pay PPI compensation to those affected. Recent data showed that over £20 billion in compensation has been paid to over 10 million consumers.
The FCA has now decided to consult, by the end of the year, on the introduction of a deadline by which consumers would need to make their PPI complaints or else lose their right to have them assessed by firms or by the Financial Ombudsman Service. I am pleased that included within this the FCA will also set out plans for a campaign designed to prompt consumers to complain in advance of that deadline.
By Patrick McLoughlin on October 15, 2015