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NewsFSA 'must not relent to industry pressure over PPI reforms'
FSA 'must not relent to industry pressure over PPI reforms'
Posted by Mark Cunningham
The Financial Services Authority (FSA) must stand strong in the face of criticism of its planned reforms for the payment protection insurance (PPI) market, it has been claimed.
Recently, the organisation announced that its revised proposals for redress over abuses of the product are to be scrutinised further after complaints from firms in the sector.
The period of consultation has been extended by six weeks in order for concerns to be addressed.
In response to the move, the Financial Services Consumer Panel has said the FSA should not relent to pressure and consumers have too long been mistreated in terms of the sale of the insurance and the response to their complaints.
Its chairman, Adam Phillips, claimed that "tough action" is required to deal with cover providers.
He added: "It seems that too many firms have regarded PPI as an easy product to sell and make money, without considering whether it really is right for the customer."
10/03/2010 15:29
News category: Consumer