The Financial Services Authority (FSA)is considering introducing a time limit for Payment Protection Insurance (PPI) complaints after being approached by the British Bankers' Association (BBA).
The BBA has said it will conduct a widespread advertising campaign by the banking sector to ensure consumers are aware of the PPI issue and how to complain, and the FSA should consider the time limit in this context. In a statement the FSA said: "Our key priority is to ensure consumers are protected, so the FSA board would need to be convinced that any proposals would be in the interests of consumers. "We have had initial discussions and are prepared to consider the merits of this and other options. A key consideration will be the potential to get compensation to more consumers, mor...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes