KPMG comment on PPI deadline

KPMG comment on PPI deadline

Commenting on the FCA’s decision to create a deadline for PPI compensation claims, Fiona Fry, Head of KPMG's FS Regulatory Centre of Excellence, says:

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“The deadline for PPI claims announced today will be welcomed by the banks and their shareholders which, of course, includes the British taxpayer. Between 2011 and 2015 redress costs totalled £55bn accounting for 72% of banks’ profit; £31bn of this was for PPI mis-selling. This deadline begins to draw a line under the issue.  

“Banks will now face the challenge of managing increased volumes of claimants in the run up to the deadline, but the far greater challenge will be ensuring this doesn’t happen again. Compliance and culture around ‘business as usual’ activities needs to be stringent and understood by every layer within the bank. One new misconduct issue would send public faith in banks plunging.”

ENDS

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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff.  The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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