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HSBC : fails to meet PPI complaint deadline

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Banking giant HSBC confirmed yesterday that it was going to miss the Financial Services Authority’s (FSA) deadline of 31 August, for dealing with complaints concerning payment protection insurance (PPI).

HSBC said it was hoping to complete the process of dealing with the remaining complaints by the end of this week.

The date was set back in June, after the April High Court ruling overturned the British Bankers’ Association’s (BBA) case brought against the FSA regarding the handling of PPI complaints. After the BBA confirmed it was not appealing the decision, the FSA extended its initial deadline for Lloyds, HSBC, RBS and Barclays. The extensions allowed the banks up until 31 August to deal with complaints put on hold during the judicial review.

HSBC said it has been in “weekly contact” with the FSA to keep it informed about its processes and added that the FSA supported its approach to handling the delays. An official statement read: “We have already written to all customers whose complaints were on hold, due to the judicial review, with a decision on their complaint and will have communicated the final redress amount to all customers with an upheld complaint by the end of this week.”