The FSA will extend its consultation on planned Payment Protection Insurance (PPI) market reforms by six weeks, further delaying fair treatment for customers says an independent consumer panel.
Consultation paper CP10/06 states while consumer groups were very supportive of the FSA's plans in the previous paper, CP 09/23, PPI providers and industry groups were "highly critical" of proposals. The Financial Services Consumer Panel (FSCP) says republishing the plans as a result of industry pressure will further delay fair treatment for consumers in this area. Chairman of the panel Adam Phillips says: "The industry seems determined to fight against the FSA introducing new rules and guidance which would ensure consumers receive a fairer outcome if they make a complaint." Most i...
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