The financial watchdog has delayed its decision on a proposed deadline for reclaiming PPI after its consultation received "a large amount of feedback".
When launching the consultation in August, the Financial Conduct Authority (FCA) said it would look to introduce a time-bar on PPI reclaiming by June 2019 and that the rule for setting the cut-off should come into force alongside a public awareness campaign midway through next year.
The consultation, which also looked at how firms should approach PPI complaints following the Supreme Court's judgment in Plevin vs Paragon Personal Finance, included a timetable based on making a decision about whether to proceed – and making rules and guidance – by the end of December 2016.
However, the FCA has today confirmed that the timetable "was subject to a number of variables including the extent and nature of the feedback received in response to the consultation", adding that "we committed to issue an update if we were likely to depart from the proposed dates".
The financial watchdog will make an announcement on the future of its rules and guidance on PPI complaints in the opening few months of next year.
A statement released this morning read: "We have received a large amount of feedback and, given the importance of this matter, we are carefully considering the issues raised and will make a further announcement in Q1 2017".
MSE continues to campaign against PPI reclaiming deadline
MoneySavingExpert.com has consistently campaigned against any cut-off date for reclaiming PPI and so was disappointed by the FCA's initial proposal to introduce a time-bar. Anyone who thinks they may have been mis-sold PPI should check now if they can reclaim – see our Reclaim PPI for Free guide for full help.
The regulator declined to comment when asked by MSE whether today's update meant that the reclaiming deadline could potentially be delayed or scrapped entirely, although a spokesperson did confirm that no concrete decisions had yet been made.