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FSA update on PPI reforms

Wednesday 10th March 2010

The Financial Services Authority (FSA) has announced it needs another six weeks before it can report on its intended package of Payment Protection Insurance (PPI) reforms.

The watchdog said responses to its consultation proposals were divided with consumer groups extremely supportive but providers and industry still extremely critical. As a result the FSA has revised some of the original proposals and wants to test some of its “assumptions” ahead of another short consultation.

The FSA said its proposed package of measures is designed to ensure customers are treated consistently and fairly, either when buying new PPI policies or making a complaint about an existing one.

Dan Waters, the FSA’s director of conduct risk, said: “We’re disappointed that the industry has responded so critically to our proposals but we remain 100 per cent committed to bringing about genuine, lasting change in the PPI market. We do, however, recognise the importance in ensuring that genuine concerns have been listened to.

“Our commitment, nevertheless, is evidenced by the fact that we have halted single premium PPI sales, taken enforcement action against 23 firms, issued two ‘Dear CEO’ letters, undertaken three thematic reviews, conducted numerous mystery shops, and visited over 200 PPI providers. We remain firmly of the view that the PPI market is broken and needs to be fixed.”

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