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FCA to announce action on PPI complaint handling at the end of the summer

The Financial Conduct Authority is due to announce its view on how complaints about mis-sold loan insurance are being handled and the action it will take, at the end of the summer.

The FCA said in January that it would collect evidence on consumers mis-sold were being compensated properly.

It said it would consider imposing a deadline on customers claiming compensation, potentially drawing a line under the issue, according to Reuters today.

The FCA said on Wednesday that it is considering whether additional rules or guidance about PPI compensation are required after the Supreme Court ruled in November that a failure by lender Paragon Personal Finance to disclose to a client a large commission payment on the sale of a PPI policy has made the relationship between lender and borrower unfair.

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