Reacting to insufficiencies in the market for Payment Protection Insurance (PPI), the Financial Services Authority (FSA) today published a policy statement to enhance consumer protections. The package should ensure that consumers are treated more fairly when complaining about PPI. It includes measures such as:
- new handbook guidance to ensure complaints are handled properly, and redressed fairly when appropriate; and
- an explanation of when and why firms should analyse their past complaints to identify if there are serious flaws in sales practices that may have affected complaints and even non-complaints.
FSA’s director of conduct risk, Dan Waters, highlighted that the FSA “carried out 24 investigations and three thematic reviews, issued warnings, halted the selling of single premium PPI with unsecured personal loans, visited over 200 firms, and handed out some very significant fines. Now, with this package of measures we’re confident we can mend a market that has been broken for too long.”
For further information, see: http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/132.shtml