FCA unable to estimate future PPI cost to banks

Regulator admitted costs could not be predicted, as it sets out plans for a time limit on claims despite opposition from consumer groupsThe Financial Conduct Authority has admitted it cannot estimate the future costs of compensation faced by banks for payment protection insurance, as it set out its plans to impose a time limit on claims in 2018.While consumer groups are opposed to the limit on making PPI claims – which has already cost the industry £27bn in compensation and administr