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185,000 previously rejected complaints against mis-sold payment protection insurance (PPI) are to be re-opened under new guidance from the City Watchdog.
The FSA will ask sellers of PPI to write to all holders of policies bought since 2007 in order to give them a chance to complain and potentially have their money refunded.
The reason behind this [...]
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The City watchdog have announced that firms which mis-sell financial products to consumers and individuals guilty of insider trading are to face a hard new crackdown which could lead to serious fines.
The Financial Services Authority (FSA) wants penalties to be linked to the companies income, with up to 20% of their income from the products [...]
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Which? declare “Credit card PPI is a modern day snake oil”
Despite the torrent of shocking publicity over the past few years, and increased regulatory scrutiny, Payment Protection Insurance (PPI) polices are still being sold extensively.
PPI is designed to ensure that loans, credit card payments or mortgages can still be paid should the customer fall [...]
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Out-Law.Com have reported that the Financial Services Authority (FSA) imposed a record £27.3m in fines in 2008/9, compared to an annual average of £14 million in the previous five years
The regulator also tripled the number of senior managers under investigation during the year, fining four of them a total of over £200,000. This follows the [...]
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