FSA Gives Banks Extension to Deal with 2011 PPI Claims

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) August 19, 2011 -- The Financial Services Authority (FSA) has given high street banks more time to deal with payment protection insurance (PPI) mis-selling claims.

The FSA has given banks
Under FSA rules PPI complaints have to be responded to within eight weeks.

The extension gives firms time to deal with claims which had been put on hold. It has also given more time for the firms to deal with PPI complaints received since the end of the judicial review. According to the agreement:

• PPI complaints put on hold during the judicial review will receive a decision by the end of August.
• Complaints received after the conclusion of judicial review but on or before the 31 August will be responded to within 16 weeks.
• PPI complaints received on or after 1 September and before 31 December 2011 will be responded to within 12 weeks

The granting of temporary reprieves for Barclays, HSBC, RBS/NatWest and Lloyd's Banking Group by the Financial Services Authority, to handle their backlog of compUnder the FSA's procedures, PPI complaints still with those banks but put on hold during the judicial review must receive a decision by the end of August; PPI complaints received after the conclusion of judicial review but on or before the 31 August will be responded to within 16 weeks; and PPI complaints received on or after 1 September and before 31 December 2011 will be responded to within 12 weeks.

Strict conditions have been imposed on the temporary time extensions; the firms with the temporary time extension will have to: keep PPI complainants and their customers fully informed; and provide the FSA with regular reports on compliance.

The FSA said it expects all complaints regarding PPI claims handling to return to the requisite eight-week standard by 1 January 2012 at the latest.

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