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News

Banks could face more PPI payouts as FCA delays deadline decision

The Financial Conduct Authority said in August it was considering a mid-2019 cutoff for PPI claims and would decide before the end of 2016. The proposed deadline was more than a year later than the industry had expected, raising the prospect of more claims being allowed.

The FCA said it had received a large volume of responses to its proposal and that it would decide on the deadline in the first three months of next year. The delay means the final deadline for claims is likely to be pushed back by a few months from the mid-2019 date.

The regulator said: “The timetable was … subject to a number of variables including the extent and nature of the feedback received in response to the consultation. We have received a large amount of feedback and, given the importance of this matter, we are carefully considering the issues raised.”

The bill for the PPI scandal topped £40bn in October when Barclays increased its provisions to £8.4bn in response to the FCA’s previous announcement. Lloyds, the biggest seller of PPI, increased its provisions by £1bn to £17bn the same month and said it hoped the charge would cap its costs.

Banks may now need to set more money aside to deal with PPI, which is the most expensive scandal to affect the UK financial industry.

Barclays shares closed down 2.5% at 233p on Friday, while Lloyds shares were down 1.6% to 61.7p.

The FCA delayed its decision as it emerged Santander had failed to provide customers with information about PPI required under rules governing the scandal.

The Competition and Markets Authority said Santander failed to send letters to more than 500 customers that set out the cost of PPI and reminded them they were allowed to cancel the product. The CMA said the bank had sent letters in which it apologised to customers and said it would issue refunds if the customers cancel policies within six months of receiving the apology.

Banks sold highly profitable PPI alongside mortgages, loans and credit cards from the late 1990s. PPI was meant to repay borrowings if a customer became ill or unemployed but policies were often structured to limit payouts, imposed on customers as a condition of a loan or sold to people who would not qualify for a claim.

Aticle Taken from – The Guardian

Posted by Paul White on 19 Dec 2016

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