Banks Ask For PPI Cut-Off Deadline

The Financial Services Authority (FSA) has been asked by UK banks to set a deadline of April 2014 for all further claims for compensation for mis-sold payment protection insurance (PPI) policies.

Initially cautious the FSA has said it would “consider the idea” but it would only be agreed if the regulator was convinced it was in the interests of customers.

It is understood there will be no new policy without a public consultation.

The British Bankers Association (BBA) has offered to pay for an advertising campaign to alert people to their rights to complain.

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


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