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:
“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.”
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