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News

FCA unable to estimate future PPI cost to banks

While consumer groups are opposed to the limit on making PPI claims – which has already cost the industry £27bn in compensation and administration costs – the FCA argued it would increase confidence in the financial services industry.

The banks are in the process of writing to 5.5 million customers at risk of having been mis-sold PPI, but who have not yet complained. Around 16.5m complaints have already been handled by the industry and £21bn of compensation paid out.

The FCA intends to ask banks and other sellers of PPI to share the £42.2m cost of a campaign to inform consumers of the two-year time bar, which it first outlined last month.

“We concluded that no amount of data or effort could give us reasonably precise and meaningful numbers on the future path of PPI complaints,” the FCA said in its consultation about the time limit, published on Thursday.

However, Martin Lewis, the founder of MoneySavingExpert.com, said: “This is not a consultation in the true sense. We know it’s a done deal that the FCA is going to put a time bar on PPI reclaiming so all it’s really asking for is suggestions of how it tweaks its implementation.

“Yet that doesn’t stop the fact that we are very disappointed the FCA has chosen to put a hold on PPI reclaiming even after many warnings of the danger,” said Lewis.

The consumer body Which? said the regulator should be doing more to get compensation for consumers rather than relying on customers to complain.

“It’s hugely disappointing that the regulator is pushing ahead with a blanket PPI time limit. Instead of rewarding the banks that have dragged their heels over paying out compensation, the FCA should be requiring firms to proactively seek out customers owed money.

“Relying on consumers to complain, when many were unaware they’ve been a victim of mis-selling, has clearly not worked,” said Which? executive director, Richard Lloyd.

Aticle taken from – The Guardian

Posted by M Carey on 30 Nov 2015

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