FSA extends PPI regulation consultation

10 March 2010 at 17:13

FSA extends PPI regulation consultation The Financial Services Authority (FSA) is to delay the measures planned to reform the way payment protection insurance (PPI) is sold.

According to the regulatory body, it will take another six weeks to complete the proposals after considering varied criticisms from firms involved in PPI.

However, positive feedback from consumer protection organisations means that the FSA is unlikely to back down.

Businesses complained that wider costs and consumer benefits have changed since the original consultation was launched and the FSA said it will need time to test revised financial expectations.

Dan Waters, director of conduct risk at the FSA, said: "We're disappointed that the industry has responded so critically to our proposals but we remain 100 per cent committed to bringing about genuine, lasting change in the PPI market."

The FSA recently hinted that it is likely to continue with its tough position on mis-selling life insurance policies after the retail distribution review is introduced, the Financial Times reported.
ADNFCR-3006-ID-19662083-ADNFCR

Related articles:

RBS chairman says Hester’s pay is low in comparison to top businessmen

03 February 2012 at 14:24

The chairman of the Royal Bank of Scotland (RBS) has claimed Stephen Hester’s pay is low in comparison to top businessmen.

FSA call for banker bonus reclaims over PPI scandal

02 February 2012 at 13:44

The Financial Services Authority (FSA) has called on Britain’s leading banks to reclaim bonuses paid to executives involved in the mis-selling of payment protection insurance (PPI), it has been exclusively reported.

FSA head says he never wanted the role

01 February 2012 at 15:12

The chief executive of the Financial Services Authority (FSA) admitted on Monday (January 30th) that he never wanted to take on the role, it has been reported.

Goodwin stripped of Knighthood

01 February 2012 at 11:51

The former chief executive of the Royal Bank of Scotland has been stripped of his Knighthood following an investigation led by the Financial Services Authority (FSA) that showed failings at the bank significantly contributed to the 2008 recession.

FSA had no jurisdiction to block ABN Amro takeover, Sants says

31 January 2012 at 15:20

Hector Sants has said the Financial Services Authority (FSA) had no power to prevent the Royal Bank of Scotland’s £49 billion acquisition of Dutch bank ABN Amro.