UK banks fail to meet loan insurance claims timetable: watchdog

“LONDON (Reuters) – Britain’s banks won’t be able to deal with remaining complaints about mis-sold loan insurance on time, the Financial Conduct Authority said on Wednesday” writes Midwest Communications Inc for Loan insurance or payment protection insurance (PPI) is Britain’s costliest retail financial scandal with banks having paid out more than 43 billion pounds ($54.64 billion) in compensation so far.

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