• From The BBC:

    The Financial Services Authority (FSA) is delaying its plans to combat the mis-selling of payment protection insurance (PPI).Criticism from the financial industry has forced the FSA to extend its consultation by another six weeks. The FSA’s own consumer panel said this pressure was to blame for delaying the fair treatment of consumers. PPI is supposed to help people repay their loans if they fall ill or lose their jobs. In September 2009, the FSA proposed a comprehensive overhaul of the rules not only on selling PPI, but also of the way that lenders and insurance brokers should deal with complaints about past mis-selling. The FSA was responding in part to a huge upsurge in complaints filtering through to the Financial Ombudsman Service. Consumer organisations have welcomed the suggested rule changes, but not the lenders and insurance brokers for whom PPI sales are very lucrative. “We are disappointed that the industry has responded so critically to our proposals but we remain 100% comm…

    Click to read the full article »

    Posted by Jon @ 12:58 pm

Leave a Reply

Your email address will not be published. Required fields are marked *