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UK watchdog defers decision on PPI claims deadline
December 9, 2016 / 7:42 AM / a year ago

UK watchdog defers decision on PPI claims deadline

LONDON, Dec 9 (Reuters) - Britain’s financial watchdog has delayed its final decision on setting a deadline for consumers to claim compensation for mis-sold loan insurance.

Banks including Lloyds and RBS have collectively paid out 24 billion pounds ($30 billion) in what has become Britain’s costliest financial services scandal.

The Financial Conduct Authority (FCA) launched a consultation in August on whether to set June 2019 as the deadline for people to make a claim for mis-sold payment protection insurance (PPI), and was to decide by the end of this year on whether to proceed with this.

On Friday, it said this decision has now been deferred until the first quarter of 2017, which could push back the final deadline for claims.

The FCA said its final decision 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 and will make a further announcement in the first quarter of 2017.” ($1 = 0.7954 pounds) (Reporting by Huw Jones; Editing by Rachel Armstrong)

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