The Financial Conduct Authority (FCA) has published its consultation paper on PPI complaint handing proposals.
This follows a statement published on 2 October 2015, where the regulator stated that it would consult on introducing a deadline for making payment protection insurance (PPI) complaints, accompanied by a consumer communications campaign, and on new rules and guidance for handling PPI complaints in light of the Supreme Court’s decision inPlevin v Paragon Personal Finance Ltd.
The FCA says its consultation paper sets out the full detail of the proposed new rules and guidance, the evidence considered, the reasons for proposing them, and an assessment of their costs and benefits. The consultation paper also outlines the proposed consumer communication campaign and how it is proposed this be funded.
Those with views on the proposals set out in the consultation paper have three months to respond. Any comments on, or evidence about, the proposals should be sent to the FCA by 26 February 2016.
Consumers who are unhappy about PPI should continue to complain to the firms concerned and to the Financial Ombudsman Service if they are not satisfied with the response.