The Financial Conduct Authority (FCA) is to gather evidence on current trends in Payment Protection Insurance (PPI) complaints.
The regulator will use this evidence to assess whether the current approach is continuing to meet its objectives of securing appropriate protection for consumers and enhancing the integrity of the UK’s financial system. The FCA will then consider whether further interventions may be appropriate – which could include a consumer communication campaign; a possible time limit on complaints; or other rule changes or guidance – or whether the continuation of the PPI scheme in its current form best meets its objectives.
The FCA expects this work to commence shortly and to give its view on the evidence collected in the summer.
While this work continues, the FCA expects firms to continue to deal with PPI complaints in accordance with requirements.
Consumers who believe they were mis-sold PPI should continue to complain to the firm that sold it to them and to the Financial Ombudsman Service if they are not satisfied with the firm’s response. Making such complaints is free to consumers and there is no need to use a claims management company.
Since January 2011, firms have handled over 14m PPI consumer complaints about the sale of PPI, upholding over 70% and paying £17.3bn compensation. The FCA’s intensive work with firms has led them to improve their assessments of PPI complaints.