The end of the £25bn payment protection insurance (PPI) mis-selling scandal could be in sight, with the Financial Conduct Authority (FCA) set to meet today to discuss potentially imposing a deadline for claims.
The regulator’s management will discuss the possibility of a ‘time-bar exercise’ during a board meeting today, according to Sky News.
Banks will welcome the idea of a deadline for PPI compensation claims. In 2011, the banks lost a judicial review hoping to stop claims for past mis-selling.
They have paid out over £20bn in the last four years – in 2011, estimates had pointed to a £4.5bn bill.
The FCA declined to comment yesterday.