FCA Delays Investigation Results Over Mis-Sold PPI Ruling
The Financial Conduct Authority, set to announce the results of their investigation regarding a Supreme Court ruling over a PPI claims, had delayed the publishing of the results. According to its official spokesperson, the watchdog is “considering all sides” of the issue.
The controversial ruling could spell an estimated £33 billion from the £27 billion already earmarked for PPI refunds. However, other observers said more bank employees sold the insurance policy, rendering the additional billions for PPI null.
Discouraging Direct Redress
Analysts stake that it is possible the Financial Conduct Authority may impose a deadline to put a stop to discouraging direct redress. PPI claims companies have taken about 30 per cent of all the administrative fees paid for by banks. The FCA intends to put a stop to cold calls and text messages just as well.
Running Out Of PPI Refunds?
There is no truth that banks are running out of PPI refunds. Banks are earmarking millions for payment protection insurance almost every quarter, a sign that PPI claims is yet to subside. But continuous pressure from the BBA and CBI, the FCA may give in to pressure and impose a PPI deadline.