Jim Shannon – 2014 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Jim Shannon on 2014-06-17.

To ask Mr Chancellor of the Exchequer, what recent steps the Government is taking with banks and credit card companies to ensure PPI repayments are made in full.

Andrea Leadsom

It is important that consumers get the redress which they are due. Ensuring that banks provide appropriate redress for their customers is a matter for the independent regulator, the Financial Conduct Authority (FCA)

The Government is supportive of action taken by the FCA to recompense customers for the mis-selling of payment protection insurance (PPI) and prevent cases of mis-selling in the future through regulatory action. The FCA has stated that it is keeping a close eye on how the industry handles all PPI complaints and will be quick to challenge anything it thinks is unfair.

I have asked the FCA to write to the Member in more detail about action being taken in regard to PPI. A copy of the response will be placed in the Library of the House.