The FCA has published a paper setting out its proposed rules and guidance on payment protection insurance (PPI) complaints. The Consultation Paper sets out, and asks for views on, its proposals for:
- A new rule that would set a deadline by which customers would need to make their PPI complaints or else lose their right to have them assessed by firms or by the Financial Ombudsman Service. In the proposal the deadline is 2 years and is likely to start running sometime in 2016 after the FCA sets out its final rules.
- An FCA-led communications campaign designed to inform consumers of the deadline.
- New fee rules on funding the customer communications campaign (to be funded by the 18 firms with the most PPI complaints between them).
- New rules and guidance on the handling of PPI complaints in light of the Supreme Court’s decision in Plevin v Paragon Personal Finance Ltd.
- The proposed deadline also to apply for PPI complaints falling within the scope of the proposed rules and guidance on Plevin.
The consultation is open until 26 February 2016.