Entire insurance industry responsible for payment protection insurance scandal
Wed, 10 Nov 2010
The entire insurance industry has to take responsibility for treating customers fairly, such as in the recent payment protection insurance (PPI) scandal, it has been said.

Speaking to an audience at a Marketforce and Institute of Economic Affair conference recently, Ken Hogg, director for the insurance sector at the Financial Services Authority (FSA), acknowledged that many in the sector will feel that they are above reproach for problems with PPI.

He said: "We understand that depending where you are in the value chain you may feel the responsibility for the PPI issues lies elsewhere. However, the onus is on the entire industry to ensure it treats all customers fairly."

Currently, the FSA is working toward the implementation of new regulations over how banks compensate customers who became victims of the widespread mis-selling of PPI packages. Meanwhile, the British Bankers' Association recently brought a judicial review of whether the FSA can apply the new standards to old sales of PPI.
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