Firms unable to meet PPI complaint handling times

The regulator says a number of firms have informed them that customers might not receive a final response to their complaints until summer 2020.

In a statement issued today, the FCA says it is challenging firms to deal with these complaints "as quickly as is reasonable, given the very large volumes".

The FCA said it will take time for some customers to receive a response but it is important that complaints are "handled fairly and accurately".

The regulator stressed to consumers that they won't lose out financially from any delay as, if they are entitled to compensation, they will receive interest on the amount they are due (typically 8%), which will include the length of time it took to respond.

However the FCA is urging vulnerable customers, or those who have "particularly pressing financial difficulties", to explain to their provider "who will assess whether it would be appropriate for them to deal with your complaint sooner".

People who are unhappy with the final response from their provider are also being informed that they can take their complaint to the Financial Ombudsman Service.