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FSA only to introduce PPI deadline if in interest of consumers

The Financial Services Authority (FSA) has released a statement saying that it will only introduce a deadline for when people who have been mis-sold payment protection insurance (PPI) have to claim by if it is in the best interest of consumers.

It was approached by the British Bankers' Association (BBA) to go through the possibility of introducing a PPI time limit, so long as there is a widespread advertising campaign that ensures all people that could have been mis-sold the product are aware of the issue and how to complain.

"Our key priority is to ensure consumers are protected, so the FSA Board would need to be convinced that any proposals would be in the interests of consumers," the statement read.

"We have had initial discussions and are prepared to consider the merits of this and other options."

It added that one of the key considerations will be getting compensation to more people, quicker.

The organisation will hold discussions with the BBA and get the opinions of other consumer groups and stakeholders.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801525467-ADNFCR

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