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The Financial Conduct Authority (FCA) has published Consultation Paper PS16/20 Rules and guidance on payment protection insurance complaints, in which it proposes introducing a deadline for new PPI complaints of 30 June 2019 and carrying out an advertising campaign from June 2017 (paid for by the 18 firms that generate 90% of PPI complaints) highlighting the deadline.
The FCA is also proposing to amend the definition of ‘commission’ for the purposes of assessing PPI complaints under DISP Appendix 3 to include anything not passed to and retained by the insurer (e.g. commission, profit shares, etc.).
The consultation closes on 11 October 2016 and members can feed their views to the FCA or via BIBA (sparkesd@biba.org.uk) before then.
Members wishing to read the consultation paper may access it here.
BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk
The post FCA proposes deadline for PPI complaints appeared first on British Insurance Brokers' Association.
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