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FCA provides update on PPI
FCA provides update on PPI
This is a duplicate of the Blog Entry made on: 7th August 2016 06:57
This is a duplicate of the Blog Entry made on: 7th August 2016 06:57
The Financial Conduct Authority (FCA) has today confirmed that it believes that, overall, the package of proposals on payment protection insurance (PPI) complaints laid out in its November 2015 consultation should be taken forward.
This package includes imposing a deadline for making new PPI complaints and launching a consumer communications campaign to raise awareness of the PPI issue and the deadline. The FCA also intends making rules and guidance on handling PPI complaints in light of the Supreme Court judgment in Plevin v Paragon Personal Finance Ltd (Plevin). Before making a final decision on some or all of the proposals the FCA is consulting on changes to the proposed rules and guidance concerning the handling of PPI complaints in light of Plevin. These proposed changes are in response to feedback received on the November 2015 consultation and relate in particular to three key aspects of the rules and guidance:
The FCA will consider the further feedback and the consultation will close on 11 October 2016.....Source
This package includes imposing a deadline for making new PPI complaints and launching a consumer communications campaign to raise awareness of the PPI issue and the deadline. The FCA also intends making rules and guidance on handling PPI complaints in light of the Supreme Court judgment in Plevin v Paragon Personal Finance Ltd (Plevin). Before making a final decision on some or all of the proposals the FCA is consulting on changes to the proposed rules and guidance concerning the handling of PPI complaints in light of Plevin. These proposed changes are in response to feedback received on the November 2015 consultation and relate in particular to three key aspects of the rules and guidance:
- to include profit share in our approach to the assessment of fairness and redress;
- to allow previous rebates to a consumer when they cancelled their PPI policy to be partly reflected in (and so reduce) any redress due;
- to clarify how firms should assess fairness and redress where commission or profit share rates vary during the life of the PPI policy.
The FCA will consider the further feedback and the consultation will close on 11 October 2016.....Source