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Charter UK expresses scepticism about PPI payouts

Banks will not be able to issue the payment protection refunds outlined in guidelines from the Financial Services Authority (FSA).

This is according to Charter UK, which has noted companies in the sector have already paid out over £1 billion for Payment Protection Insurance (PPI) compensation in the last year.

It argued the FSA has underestimated the resources and processes these organisations will have to implement if they wish to meet deadlines.

"We believe that the FSA guidelines in their current format are impossible for the industry to achieve and need to be overhauled," chief executive officer of Charter UK Paul Clark explained.

However, an FSA spokesman recently told the Sheffield Star that PPI claimants will "get their money", arguing the organisation is "very much on the case".

Organisations and management firms dealing with these claims are currently stretched to full capacity, so people will have to be patient, the representative remarked.ADNFCR-2776-ID-801297603-ADNFCR

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