FCA draws line under scandal
Regulator to impose deadline on PPI claims
The 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.