18/01/2013

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.

(H)


Related UK National News Stories
Click here for the latest headlines.

23 April 2012
Consumers Told To Make PPI Claims Directly
A summit will be held today aiming to shed light on the cost of using claims management companies for payment protection insurance (PPI) claims.
02 May 2012
Consumer Focus Research Shows CPA Confusion
New Consumer Focus research shows that banks' customer service advisers are unclear of the rules around Continuous Payment Authorities (CPA) and could be giving customers incorrect advice as a result.
05 December 2014
FSB Slams Premier Foods' Unfair 'Investment Payment'
The Federation of Small Businesses (FSB) has slammed Premier Foods' unfair payment practices. In a recent letter to suppliers, Premier Foods, the UK's largest food producer, requested a compulsory 'investment payment' to be made by any company wishing to stay on its approved supplier list.
19 January 2012
Direct Line & Churchill Fined £2M For 'Tampering'
High profile insurers, Direct Line and Churchill, have both been fined a total of £2.17 million after found to have been tampering with their complaints files. The Financial Services Authority (FSA) said it was imposing the fine for failure by the companies to conduct their businesses with "due skill, care and diligence".
29 July 2004
Companies 'still paying late' despite government reforms
More than five years after the government brought in legislation to curb late payment, the gap between the average payment period of companies in the UK when the legislation was introduced and now has expanded even further, according to a leading information solutions company.