British Banks Face Potential Rise in Loan Insurance Claims
- FCA says customers may be able to make revised PPI complaints
- Lloyds and CYBG are most at risk from liabilities, KBW says
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U.K. banks face the prospect of having to put more money aside to compensate customers for improperly sold loan insurance after the Financial Conduct Authority proposed changes in the way claims are handled.
The FCA said earlier Wednesday that customers who previously had a complaint about “regular premium” payment protection insurance rejected, may be able to make a fresh complaint. Consumers should consider whether to act before an Aug. 29 deadline next year, the FCA said.