LONDON (Reuters) – Britain’s banks won’t be able to deal with remaining complaints about mis-sold loan insurance on time, the Financial Conduct Authority said on Wednesday.
Loan insurance or payment protection insurance (PPI) is Britain’s costliest retail financial scandal with banks having paid out more than 43 billion pounds ($54.64 billion) in compensation so far.
“We are aware that the volume of PPI checking enquiries and complaints sent to firms increased significantly during August 2019 in the run-up to the complaints deadline on 29 August,” the FCA said in a statement.
“As a result, firms will not be able to meet their normal complaint handling times.”
(Reporting by Huw Jones, Editing by Lawrence White)