FSA publishes new PPI guidance
by Gill Montia
Story link: FSA publishes new PPI guidance
The Financial Services Authority (FSA) has today confirmed its package of measures to protect consumers in the Payment Protection Insurance (PPI) market.
The regulator has published new handbook guidance to ensure complaints are handled properly and redressed fairly, where appropriate.
It has also explained when and why firms should analyse their past complaints to identify if there are serious flaws in sales practices.
The changes are accompanied by an open letter, setting out common sales failings, to help firms identify where they might be going wrong.
Banks and other financial firms must implement the new measures by 1st December 2010 and the FSA says it will be on the look out for failure to do so.
Director of conduct risk, Dan Waters, says: “Today is the culmination of months of hard work and now, with these measures, we look forward to consumers being treated fairly whether they are buying or complaining about PPI.”
He adds: “The onus is now on the industry to ensure it treats all customers fairly.”
The FSA has so far taken action against 24 firms and individuals for PPI failings with fines totalling around £13 million.