For years British families have sat down to supper secure in the knowledge that they will be interrupted by an unsolicited phone call hunting for users of payment-protection insurance (ppi). "Have you ever taken out a loan?" the chirpy recording asks. The few undiscovered Britons who can answer "yes" are often in line for thousands of pounds in refunds, since most loans issued by British banks before 2011 came with expensive and unneeded "protection" in case borrowers fell ill or lost their jobs. The irksome calls may soon be coming to an end. The Financial Conduct Authority, which has urged consumers to seek refunds after several court cases went against banks, on January 30th hinted that it was keen to draw a line under the ppi saga. It had previously waived a rule whereby aggrieved customers had to make a claim within six years of buying a financial product, but now seems minded to reimpose a limit.
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