PPI complaints handling: FCA policy statement on final rules and guidance

On 2 March 2017, the FCA published a policy statement on final rules and guidance on PPI complaints.

Final deadline for new complaints

A final deadline of 29 August 2019 has been set for making new PPI complaints. From August 2017, the FCA will run a consumer communications campaign to draw this to consumers’ attention. As well as preparing for an increase in the number of PPI complaints as a result of the new deadline and consumer communication campaign, firms will need to start preparing for the process of contacting former complainants to notify them of the deadline and give them the opportunity to resubmit their claims.

New rules and guidance post-Plevin

The policy statement also contains new rules and guidance on the handling of PPI complaints in light of the Supreme Court’s decision in Plevin. These come into force on 29 August 2017, giving more time than the FCA had originally proposed for firms to prepare to implement its approach, particularly concerning profit share, which the FCA has included, and for it to start relevant supervisory work.

Want to know more?

Further detail on the policy statement is available in this post on our Global Insurance Blog.

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