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20 Dec

December 2016 – Banks could face more PPI payouts as FCA delays deadline decision.


Banks might have to pay out more in compensation to victims of the £40bn payment protection insurance scandal after the financial regulator delayed a decision on setting a deadline for complaints.

The Financial Conduct Authority said in August it was considering a spring 2019 cutoff and would decide before the end of 2016. The proposed deadline was more than a year later than the industry had expected, raising the prospect of more claims being allowed.

This decision now looks like it will be delayed until mid 2017.

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