The Financial Services Authority (FSA) has called on firms to take urgent action to ensure their selling practices for payment protection insurance (PPI) are in line with regulatory requirements.
The call comes after the FSA’s programme of visits to firms and mystery shopping exercises uncovered poor selling practices and a lack of proper compliance controls among a sample of firms. The FSA says firms which sell PPI and the insurers who provide the policies will be receiving detailed feedback on its findings and will need to address any problems raised. Some more serious cases will be referred for further investigation with a view to possible enforcement action. The regulator plans to undertake a second round of thematic work early next financial year to check that compliance le...
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