On 2 October 2015 the FCA released its widely-anticipated statement on the payment of redress by financial institutions in relation to the mis-selling of Payment Protection Insurance (“PPI”). The statement also set out the proposed steps the FCA will take in light of the November 2014 Supreme Court decision in Plevin v Paragon Personal Finance Ltd (“Plevin”).

Authors: Tim Dolan Emily E. Cartwright

In summary, the FCA plans to publish a consultation this year with respect to imposing a deadline by which consumers would need to make their PPI complaints. It also plans to consult on rules and guidance on fair PPI complaints handling in light of Plevin.