FCA chief executive (pictured) tells MPs that claims rejection levels are ‘outrageous’

Martin Wheatley

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.”