New rules demanding firms reopen previously-rejected PPI complaints are unjust because they require firms to retrospectively apply today's standards to yesterday's business, two influential trade bodies argue.
The Association of Mortgage Intermediaries (AMI) and the Association of Finance Brokers (AFB) say firms are being asked to address all complaints in the same manner regardless of when the sale was made. The FSA yesterday ordered firms reopen about 185,000 previously-rejected PPI complaints and reassess them. It hopes the move will tackle what it calls the "key issue" that too many complaints are rejected by firms and then overturned by the financial ombudsman (FOS). It says firms representing more than 40% of face-to-face sales in the single premium unsecured personal loan PPI mark...
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