Property News · August 3, 2016

Extension of PPI payback period small comfort for customers hit by mis-selling


FCA’s decision to move time bar to 2019 still doesn’t address merciless, industrial-scale scamming by banksOn the face of it, drawing a line under the payment protection insurance mis-selling scandal seems a reasonable idea. There can be few consumers unaware of the gigantic scam perpetrated by the big banks during the 1990s and the 2000s. A time bar was first mooted by the Financial Conduct Authority (FCA) for 2018, but now looks like being extended by a year to 2019. That sounds like good news for customers.The banks are deeply unimpressed with the first big decision made by Andrew Bailey, the FCA chief executive, since his arrival from the Bank of England. Lloyds, RBS, Barclays and the other big lenders have all been making provisions for a line to be drawn in the sand in 2018. Continue reading…

Source : theguardian.com
Read more…Extension of PPI payback period small comfort for customers hit by mis-selling

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