Banks Must Give Rejected PPI Claims 2nd Chance, FCA Says

Law360, London (January 31, 2019, 7:52 PM GMT) -- Banks will be forced to write to thousands of customers who have previously had their payment protection insurance claim rejected and inform them they may be eligible for a payout under new rules published by the Financial Conduct Authority on Thursday.

Lenders must write to customers by the end of April and tell them they may have new grounds to make a complaint, even if they have been rejected before, if the PPI provider had failed to disclose the commission it received from the sale. The policy brings the threat of an even bigger compensation bill for banks that have already forked...

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