The Financial Services Authority (FSA) is warning any firm that is still selling single premium payment protection insurance (PPI), alongside an unsecured personal loan, to withdraw the product "as soon as possible".
The FSA stated that it remains concerned about whether consumers are being treated fairly in the sales process and has set a 29 May deadline for withdrawal of the product. This action comes just a month after a number of major high street banks, including Lloyds Banking Group and RBS, agreed to pull their single premium products.
The FSA’s managing director of retail markets, Jon Pain, says the regulator recognises that PPI can play an "important and legitimate role to cover repayments on specific credit agreements for consumers facing job loss, or other issues at this difficult time".
However, Mr Pain explained: "The FSA’s focus remains on how this product has been, and continues to be, sold and whether consumers have been treated fairly during the sales process."
FSA targets firms still selling single premium PPI
Financial Services > Income lnsurance > News
FSA targets firms still selling single premium PPI
Thu, 26 Feb 2009
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