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FCA draws line under scandal

Regulator to impose deadline on PPI claims

Financial Conduct AuthorityThe financial services industry regulator intends to impose a 2018 deadline for borrowers to claim compensation for being mis-sold payment protection insurance (PPI).

There have been calls for a time limit to be set on Britain’s costliest mis-selling scandal which has cost the banks more than £28 billion in payouts to 10 million customers.

PPI policies were aimed at protecting borrowers in the event of sickness or unemployment but were often sold to people who would have been ineligible to claim.

Today the Financial Conduct Authority (FCA) said a deadline “would help bring finality and certainty in a way that advances the FCA’s operational objectives of securing an appropriate degree of protection for consumers and protecting and enhancing the integrity of the UK financial system.”

 

 

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