Is it right for the Financial Services Authority to impose harsher fines on firms not complying with its Treating Customers Fairly initiative when selling payment protection insurance?
Peter Chadborn, CBK It is a fair argument that, unless the Financial Services Authority (FSA) imposes fines for non-compliance then the Treating Customers Fairly (TCF) principle will never be taken seriously. So why not make an example of one of the worst-offending product areas? If you ask consumers what aspects of the financial services industry do not treat them fairly, I would suspect that one of the most common answers would be when they have been sold a product that does not deliver when they had been led to believe it would. The limitations of payment protection insurance (PPI) c...
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