LONDON, March 2 Britain's financial watchdog has
said consumers will have until August 29, 2019 to make a claim
that they were mis-sold loan insurance.
Banks including Lloyds and RBS have
collectively paid out more than 24 billion pounds ($30 billion)
to customers who were mis-sold payment protection insurance
(PPI) in what has become Britain's costliest financial services
The Financial Conduct Authority had previously suggested
June 2019 as the deadline, but has now pushed it back after
several months of consultation. It will launch a major
communications campaign in August this year to help consumers
decide whether to make a claim or not.
The regulator also set out guidelines for how firms should
handle complaints by customers who were sold loan insurance by
firms that received large levels of commission on the sale which
was not disclosed, after a court case over the issue.
The FCA said that if commission levels were more than 50
percent and were not disclosed, then firms should presume that
"the failure to disclose commission gave rise to an unfair
(Reporting by Rachel Armstrong)