FCA sets 2019 deadline for PPI claims

03 March 2017

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John Liver, regulatory partner, EY commented:

“The FCA's final rules package seeks to find a practical way of bringing the long running saga of PPI to an orderly conclusion, which is fair to consumers and provides certainty for the industry.

The industry now needs to gear up to deliver very demanding programmes of work over the next two years, at a time when the volume of change in the industry is already massively challenging

Some of the requirements, such as the Plevin rules, and the requirement to write to previously rejected complainants who may be eligible for "Plevin" compensation, will be complex to implement.  Significant effort will be needed over the next six months to make sure that the exercise will be done right first time, and to give consumers and regulators confidence in the deadline in practice.”