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Banks may impose deadline for payment protection claims

Consumers may need to have put their payment protection claims forward by summer 2014 as banks aim to impose this deadline, The Times has reported.

The British Bankers’ Association (BBA) has been in talks with the Financial Services Authority(FSA) to set a deadline for consumers to claim for any mis-sold payment protection insurance (PPI).

With no current deadline in place, it has been agreed that PPI claims could be endless. The Times reported that should the deadline be put in place then banks would have to issue a campaign advertising the deadline.

At present banks have paid out £13 billion for PPI claims, but recent estimates say that this could potentially cost £25 billion.

It was reported by the Financial Ombudsman in November that they have received half a million PPI complaints so far, which is double what they had expected.

Should the deadline be imposed, a consumer who has not filed a claim before summer 2014 will not receive compensation they may have been entitled to.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801523266-ADNFCR

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