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Talks by various Banks regarding an agreed deadline for the end of Payment Protection Insurance (PPI) compensation failed due some of Britain’s largest lenders being unable to reach a decision.

This means that many of Britain’s largest lenders could potentially face several more years of handling PPI Claims as the industry continues to be flooded with customers reclaiming PPI.

The British Bankers’ Association, the trade body of the banking industry, had been leading the negotiations, but officials there are understood to have concluded that a deal was impossible, due to differences of opinion between the lenders themselves and leading consumer groups.

“The whole thing is being wound down as it has become clear there is no way we are going to get an agreement,” said one source close to the talks.

 

PPI talks collapse

PPI talks collapse

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Daniel Lee

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