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Britons get until 2018 to claim redress for missold insurance
Print Edition
Britons who were missold loan insurance, in what turned out to be the country’s costliest consumer finance scandal, will have until 2018 to claim compensation under regulatory plans intended to draw a line under the issue.
Britain’s banks, which have already set aside more than 28 billion pounds (US$42 billion) to cover payment protection insurance (PPI) complaints are also keen to close the issue. Lloyds Banking Group alone is accounting for about half the total compensation payments.
The banking watchdog, in a consultation paper published yesterday, set out new rules on PPI complaints and said a campaign to inform consumers about the time limit would be funded by banks who missold the insurance.
The Financial Conduct Authority proposed setting a deadline for new complaints on PPI sales of two years after the start date of the new rules, meaning some time in 2018.
“Consumers who are unhappy about PPI should continue to complain to the firms concerned and to the Financial Ombudsman Service if they are not satisfied with the response,” the FCA said in a statement.
Making a complaint is free and most people should not need to use a claims management firm to help them, it added.
Yesterday’s announcement is largely in line with a pre-announcement by the FCA in October on PPI, which was intended to give borrowers cover against possible default on a loan, such as a mortgage, but was often missold to people who could not make a claim.
Consumer campaign website MoneySavingExpert.com said the proposed new rules and time limit were a “done deal.”
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