PPI complaint time limit suspended
28/05/2010
Consumers have won a partial victory after the financial watchdog suspended the complaint time limit for payment protection insurance (PPI).
The Financial Services Authority said the move, which comes into force immediately, would run until October 27.
It applies to people who received a final response from the firm they bought the cover from between November 28 last year and April 28, 2010.
The regulator said the action was taken to ensure that those who had recently complained about the sale of PPI were not disadvantaged by running out of time to raise their issue.
PPI, a controversial policy which covers debt repayments if the holder is unable to work because of redundancy or a medical emergency, is currently the single most complained about product to the Financial Ombudsman Service, accounting for a third of all cases.
Many who took out PPI cover say were they duped or forced into doing so.
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