FCA sets June 2019 deadline for loan insurance mis-selling claims

Consumers who believe they have been missold loan insurance have until the end of June 2019 to make a claim, Britain's markets watchdog proposed on Tuesday. Banks have paid 24 billion pounds in compensation to customers over the past five years for misselling payment protection insurance (PPI), making it Britain's costliest scandal in financial services. The Financial Conduct Authority (FCA) said the rule for setting a deadline for claims would come into force by the end of 2017, and would be ac