HSBC to miss PPI deadline
HSBC has confirmed it will miss the deadline imposed by the Financial Services Authority (FSA) to deal with the backlog of Payment Protection Insurance (PPI) complaints by 31 August 2011.
In April the High Court ruled against the British Bankers' Association (BBA) in its case against the FSA and how PPI complaints were being handled. The BBA confirmed in May that it would not appeal the decision.
The ruling was followed in June by the FSA extending the deadline for HSBC, Lloyds, Barclays and RBS to resolve PPI complaints. The FSA stipulated that PPI complaints put on hold during the judicial review would need to be dealt with by 31 August 2011.
A spokesman for HSBC, in confirming
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