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UK FCA delays decision on setting deadline for missold PPI claims

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UK FCA delays decision on setting deadline for missold PPI claims

The U.K. Financial Conduct Authority delayed its decision on setting a deadline for consumers to seek claims for missold payment protection insurance, potentially pushing back the deadline further than initially planned and leading to higher provisions for British banks over an issue that has already cost them billions of pounds.

In August, the regulator launched a consultation on proposed rules and guidance concerning a deadline of June 2019 for PPI complaints. Initially, it intended to make a decision on whether to proceed with the timeline by the end of December.

However, the FCA said: "We have received a large amount of feedback and, given the importance of this matter, we are carefully considering the issues raised and will make a further announcement in [the first quarter of 2017]."