British Regulators Weigh Deadline for Loan Insurance Compensation
ByLONDON — British regulators said on Friday that they may soon set a deadline for consumers to seek compensation for the improper selling of a contentious insurance product that has cost the banking industry billions of dollars in refunds.
The Financial Conduct Authority, which oversees the British financial industry, said that it expected to conclude a review by the end of the year and that consumers would probably have an additional two years to seek compensation related to the so-called payment protection insurance, meaning the earliest deadline would be spring 2018.
Banks in Britain have been pressing regulators to set a time limit on filing complaints related to the loan insurance because compensation payments over the past four years have already cost the banks about $31 billion…
British Regulators Weigh Deadline for Loan Insurance Compensation
