Financial Conduct Authority statement on PPI

In Consultation Paper 16/20 (August 2016), we published proposals for rules and guidance on payment protection insurance complaints (PPI). This included proposed rules and guidance concerning a deadline for PPI complaints, and on how firms should approach PPI complaints, following the Supreme Court’s judgment in Plevin vs Paragon Personal Finance Limited.

We set out our proposed timetable in the consultation paper. The timetable was based on making a decision about whether to proceed, and making rules and guidance, by the end of December 2016. This was subject to a number of variables including the extent and nature of the feedback received in response to the consultation. We committed to issue an update if we were likely to depart from the proposed dates. 
 
We have received a large amount of feedback and, given the importance of this matter, we are carefully considering the issues raised and will make a further announcement in Q1 2017.