Regulator admitted costs could not be predicted, as it set out plans for a time limit on claims despite opposition from consumer groups
The Financial Conduct Authority has admitted it cannot estimate the future costs of compensation faced by banks for payment protection insurance, as it set out its plans to impose a time limit on claims in 2018.
While consumer groups are opposed to the limit on making PPI claims – which has already cost the industry £27bn in compensation and administration costs – the FCA argued that it would increase confidence in the financial services industry.
The post FCA unable to estimate future PPI cost to banks appeared first on SuperShare.Info.
from WordPress http://ift.tt/1R8rpLh
via IFTTT
Related Posts :
Insurers must inform customers of premium rises, regulator rules- Kinsale Insurance Forms Inland Marine Division
- XL to Sell $22B of Life Policies to RGA, as CEO McGavick Narrows Focus on P&C
- U.S. Life/Annuity Carriers Positioned To Address Shifting Tides In 2016
- ACE Appoints Commercial P&C Leaders for Overseas General Insurance Division
0 Response to " FCA unable to estimate future PPI cost to banks "
Post a Comment