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Watchdog to Hold Talks over PPI Cut Off

Anderson September 28, 2015 0
Watchdog to Hold Talks over PPI Cut Off

City regulators will hold talks later today in regards to imposing a deadline on PPI claims, in order to draw a line under a scandal which has cost the major banks and lenders £25bn in compensation.

The talks come just four months after a Supreme Court ruling, brought a fresh slide of further PPI claims against the banks.

The latest ruling has resolved around the banks failure to disclose large commission earnings on PPI policies, this could be potentially be very costly for the banks, with a further £33bn expected to be spent.

Banks have already set aside £30bn for compensation, with Lloyds responsible for almost half of that sum. In addition Lloyds have already been hit with FCA penalties and fines for handling customer complaints, very poorly. The Lloyds got a lot of loss due to a lot of penalties and fines.

The FCA has promised to update the banking industry on whether the current approach to PPI compensation is meeting the require objectives of protecting the consumer. The objectives required need to be done before updating the banking regulations.

Consumer groups have long campaigned against introducing a time-limit, arguing that it would deprive the customer and let the banks off the hook.

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