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Which? urges FSA to stand firm on PPI

Watchdog puts plans to reform PPI market on hold

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The Financial Services Authority (FSA) has announced a further six week consultation on its plans to reform the Payment Protection Insurance (PPI) industry.

In response to its initial consultation, the FSA received 51 detailed responses from a wide range of stakeholders, with consumer groups very supportive of the proposals, but PPI providers and industry groups remaining highly critical.

Which? has been speaking out about the mis-selling of PPI for many years, but now other organisations such as the Competition Commission, Office of Fair Trading and the FSA are voicing their concerns.

Consumers seeking action on PPI

Which? chief executive, Peter Vicary-Smith, said: ‘After years of mis-selling and poor complaints handling by the industry, consumers want to see action on PPI, not more consultations. The FSA must stand firm in its commitment to ensuring the fair handling of complaints and not bow to industry pressure.

‘With a question mark over how much of the Financial Services Bill will become law, it’s vital that the FSA’s original plans to force firms to review rejected complaints are implemented quickly.’

Make a PPI claim online

If you’ve been mis-sold PPI, you may be able to claim. Take a look at our how to tell if you’ve been mis-sold PPI.

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