View more on these topics

FSA extends PPI payout times

The Financial Services Authority has granted Barclays, Lloyds Banking Group and the Royal Bank of Scotland temporary time extensions to handle payment protection insurance complaints.

The regulator said last year that all banks must compensate customers who were mis-sold PPI, which could cost a total of £4.5bn.

The British Bankers’ Association appealed the decision so many cases were put on hold while the outcome of the judicial review was pending.

But in April the High Court dismissed the appeal.

Under FSA rules, PPI complaints must be responded to within eight weeks. But the FSA has given firms until August 31 to grant a decision on those complaints put on hold during the judicial review.

Complaints received after the end of the judicial review, but on or before August 31, must be responded to within 16 weeks. Complaints received on or after September 1 and before December 31, 2011 will be responded to within 12 weeks.

The FSA expects PPI complaints handling to return to the eight-week standard by January 1 2012.



Foreign interest

The recession affected purchases of homes abroad, but enquiries are on the rise again as many countries are offering low interest rates and bargain prices. So brokers need to be aware of potential opportunities in this market and be ready to advise clients

Trouble ahead - thumbnail

Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


News and expert analysis straight to your inbox

Sign up