FCA Watchdog In Crunch Talks On £25bn PPI Cut-Off

[dx100uk]

Directors of the City regulator will hold crunch talks later about the imposition of a deadline which would draw a line under the £25bn payment protection insurance mis-selling scandal.

 

 

Sky News has learnt that the Financial Conduct Authority (FCA) will discuss the merits of a so-called time-bar exercise as part of a scheduled board meeting.

 

 

The board meeting will come ‎four months after the watchdog raised the spectre of a fresh deluge of compensation claims as a consequence of a landmark legal ruling at the Supreme Court last year.

 

 

Bank executives have warned that the implications of a case brought by Susan Plevin

- which centred on a company's failure to disclose to her a large commission payment on her PPI policy

- could be catastrophic for the industry.

 

 

https://uk.news.yahoo.com/watchdog-crunch-talks-25bn-ppi-cut-off-213150769--finance.html#6cfwso4

[theoldrouge]

yes Martin Wheatley was in Osbornes opinion far too pro consumer

wasnt keen on deadline and I have a gut feeling that he would have ruled that the Plevin case be extended to many other finacial products

 

that would then be armageddon time for the banks