On October 2, 2015, the UK Financial Conduct Authority (FCA) published an announcement that it has decided to consult, by the end of the year, on the introduction of a deadline by which consumers would need to make their PPI complaints or else lose their right to have them assessed by firms or by the Financial Ombudsman.
The current timescale suggests that PPI consumers will have until at least spring 2018 to complain.
On February 19, the FSA published a final notice announcing that it had fined Lloyds Banking Group (LBG) a total of £4,315,000 for failing to make payment protection insurance (PPI) redress payments promptly. Between May 2011 and March 2012, LBG decided to make redress payments to 582,206 customers, and aimed to make each payment within 28 days of taking the decision to pay. Due to failings in LBG’s systems and controls, however, up to 140,209 of these payments were not made promptly. During its investigation the FSA found that LBG:
The FSA stated that since its investigation LBG has completed a comprehensive review of PPI redress payments to ensure that all customers due PPI redress have been paid the correct amount and compensated for any delay in receiving their payment.
