FSA gives trade bodies PPI ultimatum

Robin Gordon-Walker, press officer at the FSA, has confirmed details of a restricted Council of Mortgage Lenders (CML) memorandum which says the FSA met trade bodies on 19 December and subsequently issued them with a letter containing the following messages: The FSA wishes to see improvements to what it deems as 'market failure issues' related to ICOB compliance, transparency and product choice; The trade bodies have until 17 March to introduce concrete self-correcting voluntary measures to address these issues; and Otherwise the FSA could impose its own corrective actions. Gordon-...