RPT-UK regulator says PPI complaint handling needs improvement
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LONDON, Sept 25 (Reuters) - A review into the handling of complaints about mis-sold loan insurance by small and medium sized financial services firms has found serious problems at two-thirds of the companies, Britain's financial regulator said.
The Financial Conduct Authority said on Wednesday it had reviewed payment protection insurance (PPI) complaint handling at 18 unnamed medium and small sized firms and said significant improvements needed to be made at 12 of them.
The review covered smaller high street banks, building societies, credit card providers and personal loan companies. Together they account for around 1 million complaints, about 16 percent of the industry total. The FCA said the firms had paid out about 1.1 billion pounds of the total compensation to customers, which now stands at nearly 12 billion pounds.
(Reporting by Matt Scuffham; Editing by Steve Slater)
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