Wheatley: Banks to face more PPI fines

FCA chief executive Martin Wheatley has warned that banks face more fines and penalties over their handling of the mis-selling of payment protection insurance (PPI), CityAM reports.

Wheatley noted in an address to the Treasury Select Committee that for some banks, up to 97% of the claims they rejected were later found to be valid by the Financial Ombudsman Service.

Wheatley told MPs: “It is outrageous this is still the case. We had been working very hard to look at complaints handling, and we will take more enforcement actions.”