The Big Picture: A Look Back At PPI As Deadline Looms
Law360, London (August 29, 2019, 1:56 AM BST) -- With the Financial Conduct Authority's deadline for consumers to file claims for compensation for missold payment protection insurance fast approaching, the watchdog is set to put a cap on the long-running scandal.
The FCA used an ad campaign featuring Arnold Schwarzenegger to get consumers to file claims for PPI compensation to bring an end to the years-long scandal that has cost British banks tens of billions of pounds. Highly lucrative loan insurance had been sold alongside mortgages, loans and credit cards from the late 1990s, but many firms were ultimately found to have improperly sold the products to customers who would...
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