The logo of the new Financial Conduct Authority (FCA) is seen at the agency's headquarters in the Canary Wharf business district of London, Britain in this April 1, 2013 file photo. To match Special Report BANKING-RBS/ REUTERS/Chris Helgren/Files
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Britain's financial regulator said Friday it intended to set a 2018 deadline for people to claim compensation for being mis-sold repayment insurance, drawing a line under Britain's costliest consumer finance scandal.Over the last five years banks have already set aside more than 28 billion pounds($42 billion) to meet compensation claims from customers sold payment protection insurance (PPI) policies.The Financial Conduct Authority (FCA) said Friday it planned to introduce a deadline for further PPI claims, as more than 20 billion pounds has already been paid out to over 10 million consumers.The share prices of U.K. banks Lloyds, Barclays, HSBC and Royal Bank of Scotland were all up by 2 percent or more by 1028 GMT, when the FTSE 100 was up 1.6 percent.A deadline could help end some of the "inertia" being seen as some consumers are not bothering to make a claim, the FCA said.The average commission was about 67 percent, and redress would cover the difference between the 50 percent "unfair" threshold and the commission actually paid, the FCA said.
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