Regulator consulting on possible 2018 deadline for compensation, which has so far paid out more than £20bn to consumersCustomers who were mis-sold payment protection insurance could be forced to make their claims for compensation by the spring of 2018 under proposals to draw a line under the financial industry’s costliest mis-selling scandal.
The industry has already incurred a bill for more than £26bn in compensation and administration costs for the scandal and it has called on the Financial Conduct Authority to do a time bar on claims. The City regulator responded on Friday with proposals to set a 2018 deadline for people to claim redress. More than 10m customers own already received compensation for policies that were sold alongside loans and credit cards.
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Source: theguardian.com