PPI News

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
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edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
:TThe Financial Services Authority has unveiled a range of measures to protect payment protection insurance customers.
The FSA's measures, which have are also supported by the Financial Ombudman Service, will ensure that all PPI complaints are properly handled and will require firms to re-open around 185,000 previously rejected complaints.
Firms representing more than 40% of face-to-face sales in the Single Premium Unsecured Personal Loan PPI market have agreed to review these sales and redress those consumers identified as mis-sold. Ongoing supervisory action continues with the remainder of this market place.
In addition, the FSA is launching targeted assessment of sales practices for PPI on secured loans and credit cards; if the potential for mis-selling is identified, pro-active reviews by firms may be extended to these areas too.
FSA managing director of retail markets, Jon Pain, said: "Consumers should not be pressured or deceived into buying PPI and they are entitled to have a policy properly explained to them.
"It is unacceptable that despite previous warnings about poor sales practices, backed by 22 enforcement cases and significant fines, the PPI sector still needs the FSA to intervene on this."
He added: "And the outcome of a complaint about a PPI sale should not depend on whether or not the complainant persists past the firm on to the FOS.
"This is the last chance for the industry to show that it can act fairly, consistently and in the best interest of consumers on PPI.
"All firms operating in this sector should take note and where necessary get their house in order. Where we find questionable practices in sales or complaint handling, firms can expect that we will take action."
These measures build on the agreement the FSA obtained from the industry earlier in 2009 to stop selling single premium PPI on unsecured loans.

Got this article from Black Knight Associates site
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