Latest PPI update

For those clients who are awaiting more information in respect for previously rejected cases and commission cases please refer to the Plevin case as undernoted.

Please be assured that we will update you as soon as the FCA have finalised their guidance in respect of these cases which is likely to be late October this  year.

We thank you for our patience,

The Financial Conduct Authority (FCA) wants to set a June 2019 deadline for people to make claims over mis-sold payment protection insurance (PPI).

The financial regulator wants the rule for setting the deadline to come into force by the middle of 2017 alongside a public awareness campaign.

The FCA will listen to feedback on this and other proposed changes before its consultation closes on 11 October.

Banks have so far paid out £24bn in compensation.

The five biggest banks in the UK have set aside £32.6bn to deal with the total compensation bill.

Andrew Bailey, FCA chief executive, said: "Putting a deadline on PPI complaints will bring the issue to an orderly conclusion in a way that protects both consumers and market integrity.

"We have listened to all the feedback we have received and believe that the steps we are taking are the right ones.

"We will ensure that our communications campaign will engage with all those who could be affected, particularly vulnerable consumers."

Plevin case

The FCA is also looking at changes to the proposed rules and guidance concerning the handling of PPI complaints after the Supreme Court judgment in November 2014 in the Plevin case, which extended the definition of mis-selling.

The ruling dealt with the case of a financial company's client not being made aware of a commission being paid when they were sold PPI.

The Court agreed that the company's failure to tell its client that it was receiving a large commission for the sale was unfair and the FCA has been working on how to apply this ruling to other cases.

It wants to take profit share into account when calculating how much consumers are due from previous reba