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HSBC given more time to handle PPI complaints

The Financial Services Authority (FSA) has given HSBC a temporary extension to handle payment protection insurance (PPI) complaints.

Under the new arrangements, the bank will have longer to clear its backlog of PPI complaints, as well as the high volume of new complaints it has received since the banks acknowledged that they would not be appealing the ruling on the unfair selling of PPI.

HSBC has been offered the same temporary extension as other leading high street banks, including Lloyds, Barclays and Royal Bank of Scotland.

"A number of firms decided to put some or all PPI complaints on hold when the British Bankers' Association launched a legal challenge to our new PPI complaints handling measures," the regulator said.

"We want to see all PPI claims for compensation dealt with swiftly and appropriately. However some firms are facing a huge backlog of existing complaints as well as a surge of new claims on PPI since the court case."

According to the FSA, people with PPI complaints that were put on hold during the court case can now expect a decision on whether they are eligible for compensation by August 31st 2011.

Those who are pursuing new complaints will hear back from the banks in question by no later than September 1st 2011. After this date, all new complaints will need to be handled within 12 weeks until the end of the year.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800583952-ADNFCR



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