FSA revises PPI proposals

Date: Tuesday 09 Mar 2010

Opposition from financial companies has prompted the Financial Services Authority (FSA) to revise its proposals to implement measures governing the selling of payment protection insurance.

The FSA said that, while its measures were supported by consumer groups, ‘PPI providers and industry groups were highly critical.’

It also announced a further six week consultation on its revised package of measures.

It received 51 detailed responses to the proposed measures, the FSA said. The measures are designed ‘to ensure customers are treated consistently and fairly’ when they buy PPI policies or complain about an existing one.

‘We remain firmly of the view that the PPI market is broken and needs to be fixed,’ said FSA director of conduct risk Dan Waters.

PPI is designed to ensure consumers against credit card and other unsecured debts in the event of accidents, sickness and other misfortunes.

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