UK banks 'to hold summit on PPI deadline'

7 March 2013

British banks are to hold a summit today (7 March) to discuss the proposed deadline for claims for the mis-selling of payment protection insurance (PPI).

Industry sources have told Sky News that executives from the country's major high street financiers have scheduled crunch talks to make a decision on whether or not to press ahead with plans to secure a set timeframe for all such claims to be finalized.

The British Bankers' Association has co-ordinated these potentially-crucial discussions and the lobbying group will hope to resolve differences in opinion among banks over this idea, as several companies have expressed doubts over whether or not a deadline would be beneficial due to the administrative work and expense it would involve.

It is thought that the view of Lloyds Banking Group will hold the key as to whether the plan gets the green light, as the financier is said to be reluctant to back it without the support of consumer organizations.

One senior source told the news source: "If the big banks don't all sign up to it, it's dead in the water as an idea."

By Claire Archer

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