FSA measures for PPI complaints fall shortFSA needs power to force firms to review old cases
11 August 2010
As the Financial Services Authority (FSA) announces a package of measures designed to protect consumers in the Payment Protection Insurance (PPI) market, Which? is calling on the government to give the FSA the power to force lenders to review old cases.
The measures, which are designed to ensure customers are treated more fairly when complaining about or buying PPI, include a handbook of guidance about handling complaints and giving redress, and an open letter setting out common failings in the sale of PPI to help firms identify bad practice.
PPI case review
The measures don't go far enough however, and Which? is urging the government to enable the FSA to order firms to carry out PPI complaints review. Which? Chief Executive Peter Vicary-Smith said:
'For years, the industry has handled poorly thousands of PPI complaints so it's important that the FSA is able to force firms to review old cases.
'We want the Government to act swiftly and activate the FSA's power to force lenders to review rejected PPI cases so consumers whose complaints were wrongly dismissed can get the redress they are due.'
Making a PPI claim
If you feel you've been mis-old PPI, it's quick and easy to claim it back using the Which? online PPI complaints tool. If your bank rejects your claim, then go to the Financial Ombudsman.
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