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FCA: PPI compensation can only be claimed up to 2018


People in the UK who were mis-sold payment protection insurance (PPI) will now have until 2018 to claim compensation under new regulations introduced intending to draw a line under the issue.

The PPI mis-selling scandal was one of the biggest the country has ever seen, and so far Britain’s banks have set aside £28 billion to cover refunds and compensation.

The Financial Conduct Authority (FCA) released a consultation paper on Thursday that set out new rules on PPI complaints. The new rules mean setting a deadline for complaints about PPI sales two years from the paper being published which will be sometime in 2018.

A campaign to inform consumers about the time limit will be funded by banks who mis-sold the insurance. The FCA believes that the consumers awareness campaign will cost £42.2 million or £3.64 per PPI complaint and will be paid by 18 lenders over two years in proportion to their level of PPI complaints.

In an official statement, the FCA said:
"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.

“Making a complaint is free and most people should not need to use a claims management company to help them”

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