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PPI payouts should have a time limit, says CBI

There should be a deadline on when Britain's banks can stop paying out compensation for payment protection insurance (PPI) claims, according to the Confederation of British Industry (CBI).
The lobbying group's director-general John Cridland, explained that there should be a line drawn underneath PPI, with the government introducing limitations on claims.

He described the mis-selling scandal as a "millstone" around the necks of banks, with the bill set to exceed £15 billion.

"This is money which can only be spent once and I can’t help thinking that the time has now come for it to be put to work more productively through lending into the economy," he said.

The news should encourage those who have outstanding PPI claims to get their legal claim in motion.

On a similar note, he added that it could be dangerous for banks to be held responsible for products sold that relate to Libor, which has been subject to fixing.

He said: "Government needs to be prepared to step in to head off judge-led law if necessary."
Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801486238-ADNFCR



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