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Financial Conduct Authority gathers evidence on complaints procedure which may mean new rules such as a time limit on complaints
The Financial Conduct Authority has said it will look into the complaints procedure for securing Payment Protection Insurance compensation, raising the prospect of a time limit on complaints. The regulator said it would gather evidence on "whether the current approach is continuing to meet its objectives of securing appropriate protection for consumers and enhancing the integrity of the UK’s financial system". Banks have paid out £17.3bn in compensation since the scandal emerged in 2010, with over 70pc of the 14m complaints that customers were mis-sold the insurance upheld....... Read more here
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