Helen Nugent

PPI, poor service and mortgage lending down

The Financial Conduct Authority has caved in to banks over payment protection insurance compensation by backing their call for a two-year deadline for new claims, according to internal documents published in The Times. The paper says this is the latest example of the city watchdog softening its stance with banks and comes after a public row over its decision to scrap a review of banks’ conduct.

After intense lobbying by lenders for a cut-off to be introduced for new claims over PPI — the mis-selling scandal that so far has cost £24 billion — the FCA said in November that a deadline accompanied by a marketing campaign to raise awareness would draw the affair to a close. It has yet to make a final decision. Bad service A study out today suggests that utility companies and local authority services are among some of the worst ranking sectors in the UK for online customer service. The new report from social media experts, myclever™ Agency, found that consumers put utility companies (water, gas, electricity, phone and broadband) as the most frustrating sector for online customer service and local authorities fell close behind.

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