News From october 2009

October

COMMON POINT OF SALE FAILINGS FOR PPI SALES

In an open letter sent by Christina Sinclair Head of Department for the Retail Policy and Conduct Risk Division of the FSA, she commented, 'today the FSA has published a consultation paper on new rules and guidance for the proper handling of PPI complaints. In pre-consultation with stakeholders on these proposals and from our on-going supervisory work with firms and other intelligence we have become concerned that one reason many firms are not handling PPI complaints correctly is because they are not applying the appropriate standards for the sale of this product.