FSA orders action on PPI mis-selling

July 2005
Credit Control;2005, Vol. 26 Issue 7, p52
Trade Publication
The article reports that the Great Britain Financial Services Authority (FSA) has instructed financial services companies to take urgent action over the way they sell payment protection insurance (PPI). The move follows a mystery shopping exercise which discovered examples of poor sales practices and breaches of regulations. It was found in the study that half of the 30 firms selling PPI with unsecured credit failed to take reasonable steps to ensure policies were not sold to people who would not be able to claim on them, or which would only provide limited cover. FSA Managing Director for Retail Markets, Clive Briault, said that this poses a serious risk to consumers because of the poor disclosure of product and price details.


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