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UK regulator to make decision on mis-selling redress in summer

Reuters - UK Focus

LONDON, May 27 (Reuters) - Britain's financial regulator said on Wednesday that it would give its view on how complaints about mis-sold loan insurance are being handled in the summer and make clear what action it plans to take.

The Financial Conduct Authority (FCA) said in January that it would consider imposing a deadline on customers claiming compensation, potentially drawing a line under the country's costliest consumer finance scandal.

Banks have so far set aside more than 26 billion pounds ($40.1 billion) in compensation.

($1 = 0.6479 pounds) (Reporting by Matt Scuffham, editing by Sinead Cruise)