The Financial Ombudsman Service (FOS) has recently expressed new concerns regarding payment protection insurance (PPI) to the Financial Services Authority (FSA) .
The FOS has written to the regulator after receiving about 500 complaints a week about PPI policies. This has triggered the FSA’s ‘wider implications’ process, which means that enforcement action is likely to be considered. The FSA’s ‘wider implications’ procedure was introduced in 2005 to address issues it, as well as the Office of Fair Trading (OFT) and the FOS, view as affecting a large number of consumers or businesses.
A spokesman says: "The FOS has written to us asking us to look at PPI in more detail. This is an area of significant interest and we will be discussing this more."
The FOS action is a result of new research by consumer watchdog Which? that has implied that over a million people have been convinced into taking out loan cover for a credit card through advice that was misleading.
Payment protection insurance faces new threat
Financial Services > Income lnsurance > News
Payment protection insurance faces new threat
Fri, 12 Sep 2008
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