The Financial Services Authority has said they will consider the request from banks to place a time limit on Payment Protection Insurance (PPI) claims:
Our key priority is to ensure consumers are protected, so the FSA Board would need to be convinced that any proposals would be in the interests of consumers.
We have had initial discussions and are prepared to consider the merits of this and other options.
A key consideration will be the potential to get compensation to more consumers, more quickly.
However, no changes to existing FSA, or future Financial Conduct Authority (FCA), rules would take place without a full public consultation.
They do not sound convinced!