Why The FCA is Likely To Give In To PPI Claims Deadline

June 28, 2016
by admin in PPI News

Imagine if your country just left one of the strongest unions of the world and you have financial holes all over that need to be plugged, you’d sacrifice money for time. That’s the role that the Financial Conduct Authority is likely to go with.

By 2018, the City watchdog is likely to decide to go with a PPI claims deadline upon the lobbying of hte banks because…

Internal Documents Say So

According to The Times, internal FCA documents suggest a shift in the regulator’s thinking. The documents also indicate the watchdog is likely to lean towards the deadline as a cut-off date for PPI complaints is the best way to proceed with the scandal.

The current FCA leadership believe that the open-ended approach to complaints did not urge consumers to make a complaint to reclaim their insurance refunds.

Economic Troubles

Brexit or the British exit from the European Union is likely to bring some legislative changes in the financial industry. With the tightening of finances and increasing numbers of deficits, the FCA may be urged to resolve issues.

Banks will play a crucial role to keep the nation afloat. Bank-bashing and anti-bank establishment activities would be the least of the FCA’s worries as cash is needed.