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The financial regulator, the Financial Conduct Authority (FCA) is considering a deadline for claims over mis-sold payment protection insurance (PPI).
It anticipates that PPI customers would still have at least until 2018 to claim compensation. So far more than £20bn has been paid out for PPI mis-selling to more than 10m consumers. The policies were supposed to protect people against loss of income or sickness, but were often inappropriate. The regulator will now launch a consultation, on whether there should be a deadline on compensation claims. It said there should be a window of at least two years after the deadline is set. This would not be before the Spring of 2016 - meaning that consumers would have until the Spring of 2018 to make a claim through their bank or the Financial Ombudsman.....Read more here
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