“A time limit must not reward those banks that have dragged their heels over paying out compensation” – Which? response to today’s FCA’s PPI timeline announcement

Which? executive director, Richard Lloyd, said:

“It’s been clear for years that banks should be working much harder to resolve PPI claims fairly and a time limit must not reward those that have dragged their heels over paying out compensation.

“If a timebar is introduced, the FCA must make sure all banks carry out a complete review of their PPI handling. Efforts must be redoubled to ensure that anyone missold PPI is given fair, speedy compensation so that people get back what they’re rightly owed.”

Background:

The total amount now set aside by the big five banks alone for PPI compensation is around £26.7 billion. This breaks down as follows:

- Lloyds Banking Group has so far set aside £13.4 billion

- Barclays has so far set aside £5.97 billion

- RBS has so far set aside £3.81 billion

- HSBC has so far set aside £2.63 billion

- Santander has so far set aside £846 million

Which? has a free online tool to help people put in their claim for a PPI refund here: http://www.which.co.uk/consumer-rights/action/how-to-reclaim-mis-sold-ppi​​

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