Banks, FSA in talks on mis-selling claims deadline - report
LONDON (Reuters) - Britain's banking industry and the Financial Services Authority (FSA) are in talks to establish a cut-off date to end the costly stream of claims from the public relating to banks' mis-selling of payment protection insurance (PPI), the Times reported.
The banks are facing a huge back-log of claims from the biggest mis-selling scandal in British banking history and the bill is likely to far exceed the 12 billion pounds they have already put aside.
The newspaper cited industry sources as saying that the British Bankers' Association had suggested a deadline of summer for claims to be made, in return for the banks agreeing to finance an advertising campaign warning people of the new cut-off date.
The FSA is sympathetic to the banks' concerns and a number of possible ways of implementing the deadline were being considered, the paper said.
Lloyds, which employs 6,000 people to process the claims, has already put aside 5.3 billion pounds to deal with the issue, although analysts expect that amount to rise.
(Reporting by Rosalba O'Brien; Editing by Edwina Gibbs)
- Tweet this
- Share this
- Digg this
- Hungary plans new tax on Internet traffic, public calls for rally
- ECB cools speculation over bank health checks ahead of results
- Bank of England minutes add to signs rate hike on back burner
- Embarrassed Williams suffers humbling defeat
- No Russia-Ukraine gas deal at EU talks; Moscow queries finances |