FSA considers action against 10 PPI firms

Speaking at a Treasury Select Committee hearing on the FSA’s annual report, Callum McCarthy, chairman of the regulatory body, says: “We are investigating 10 firms with a possible view to taking enforcement action on their PPI selling practices.” He says the regulator will take action on firms selling PPI where there is significant evidence of mis-selling, taking into account the FSA's treating customers fairly (Tcf) principle. Rather than forcing firms to disclose their commission levels when selling PPI, McCarthy says the FSA is more concerned consumers recognise the importance of check...