Regulator consulting on possible 2018 deadline for compensation, which has so far paid out more than £20bn to consumers
Customers who were mis-sold payment protection insurance could be forced to make their claims for compensation by the spring of 2018 under new proposals being drawn up by the Financial Conduct Authority (FCA) - in a move that could begin draw a line under the banking industry’s costliest mis-selling scandal.
The regulator faced pressure from the industry to set a deadline for customers making claims for the insurance sold alongside loans, as the bill has already reached more than £25bn in compensation and administration costs.
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