MSE News: PPI claims time-bar warning as FCA proposes deadline

Original FCA statement --> http://www.fca.org.uk/news/statement-on-payment-protection-insurance-ppi

But at least we'll have some idea when the sharks will finally stop disturbing us.

dunstonh wrote: »

They will move on to something else to generate fake complaints. Although the Govt has announced today that it is consulting on changing regulation of claims companies to improve consumer protection and reduce the burden of frivolous complaints that these firms put in.

There are still plenty of mis-sold and mis-advised policies out there that the public do not realise they have been mis-sold. CMCs will go the same way as financial advisers and the marketplace will shrink that's all. Lets not forget that the FCA and FSA before them along with all the other 'regulators' have sat on their thumbs while the financial service industry, banks and building societies have ripped off the British public for decades and done little or nothing so I cannot why they would rise like some regulatory phoenix on this point.

The question of capping CMC fees was raised before they were ever regulated, simple answer - can't be done - market forces. That's why people can be charged ridiculous rates of interest for short term loans and solicitors (not regulated by the MoJ) will still charge huge fees for the claims work they undertake