Daily Insurance Industry News
Daily Insurance Industry News
Thursday 19th of July 2018
May 31, 2010

Time limit suspended for PPI complainants

by Gill Montia

Story link: Time limit suspended for PPI complainants

Consumers complaining about their payment protection insurance (PPI) have been given breathing space by the Financial Services Authority (FSA).

The regulator has introduced a temporary rule that allows those who have recently complained about the purchase of a PPI policy more time in which to refer their complaint to the Financial Ombudsman Service (FOS).

The usual six month time limit has been suspended until 27th October 2010 but only for complainants who have been sent a final response from their PPI provider between the dates of 28th November 2009 and 28th April 2010 inclusive.

The FSA says it is working on a long-term solution to ensure customers are treated consistently and fairly when complaining about the sale of a PPI policy, and the action has been taken to ensure recent PPI complainants are not disadvantaged.

In its latest annual report, the FOS revealed that complaints about PPI accounted for some 30% of new cases in the year to the end of March 2010.

The watchdog dealt with 49,196 PPI complaints, compared with 31,066 over the previous twelve month period and while a small proportion of cases related to PPI claims, the vast majority involved complaints about the sale of PPI.


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