FCA proposes PPI firms revisit 150,000 rejected complaints

The FCA's final guidance clarifies that firms should assess commission disclosures not only at the point of sale but on an on-going basis, and that this should be assessed under the FCA’s general complaint handling rule.

The FCA is consulting for one month and will then consider the feedback received.

If the FCA decides to proceed, it aims to publish finalised rules in late January 2019, with the written correspondence to be completed by firms before 29 April 2019.

Jonathan Davidson, executive director of supervision for retail and authorisations at the FCA, said: “The final guidance resolves an area of uncertainty and will ensure fair and consistent outcomes for regular premium PPI complaints.

"The proposed mailings will help certain consumers who have previously complained about regular premium PPI but been rejected to engage with our campaign and consider whether they want to make a new complaint about undisclosed commission before the deadline.

"Together, these measures support the good progress we are making toward bringing the PPI issue to an orderly conclusion in a way that secures appropriate protection for consumers.”