Mortgage broker body condemns PPI consultation period
Thu, 01 Oct 2009
The Association of Mortgage Intermediaries has denounced the one month consultation period on revised complaint handling rules for payment protection insurance (PPI).

Robert Sinclair, director of the Association of Mortgage Intermediaries, pointed out that it had been in discussions with the Financial Services Authority (FSA) about PPI sales for some time. He said: "It is disappointing that we now have a truncated one month consultation and abbreviated implementation timescales that appear to breach the government's Code of Practice on Guidance on Regulation."

Mr Sinclair added that the timing of the FSA's decision and efforts to implement new guidance on sales brought in by the end of the year would put loan and mortgage brokers under strain and that the changes would be very difficult for thousands of intermediary firms to consider and evaluate in the time available.

The regulator warned recently stated that 185,000 rejected calls for compensation could be re-examined.
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