PPI

The British Insurance Brokers' Association (Biba) has called on insurers and regulators to take more responsibility for their products if they want them sold by non-professional brokers.

By way of a Christmas present, the FSA and the OFT are consulting on guidance about new post PPI products, such as short-term IP (STIP).

The FSA is currently consulting on its guidance for payment protection insurance (PPI) and potential replacement products such as short-term income protection (STIP).

The payment protection insurance (PPI) mis-selling scandal has cost the financial services industry more than three quarters of a billion in redress payments to customers in the first three quarters of the year.

The Financial Ombudsman Service has hinted at higher levies for the industry as a result of another spike in payment protection insurance (PPI) claims.

The head of operations at the Financial Ombudsman Service has left amid concerns of high staff turnover at the organisation, which is now seeking a replacement for the £140,000 a year role.

Lloyds Banking Group has reported a statutory loss of £3.9bn in the first nine months of 2011 after being hit with a £3.2bn provision for payment protection insurance (PPI) claims.

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Mass mis-selling on the scale of the payment protection insurance (PPI) debacle will not be possible under the Financial Services Authority's replacement, the man who will head up the body has said.

The FSA and the OFT are consulting on guidance to firms in relation to payment protection products - the first time the FSA has become involved in the design of a specific product.