Bottlenecking leads to PPI extension for top culprits
The Financial Services Authority (FSA) has agreed to temporary arrangements with extended timeframes for Barclays, Lloyds Banking Group and RBS to handle payment protection insurance (PPI) complaints.
The arrangements extend the time periods the firms have to deal with their backlog of stayed PPI complaints and the high volume of new complaints on PPI.
The FSA said these arrangements had been put in place to ensure that the firms are able to handle the PPI complaints properly.
Under FSA rules PPI complaints have to be responded to within eight weeks. The extension has agreed a timeframe for the firms to deal with the claims that have been put on hold and also agreed additional time for the
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