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News

Financial Firms Warned Off ‘New PPI’

In a move that is both a relief and a warning for consumers, both the Financial Services Authority and the Office of Fair Trading have issued a warning to the financial firms who have been previously responsible for the mis-selling of payment protection to detain from creating new versions of the insurance.

The financial watchdogs have issued the warning whilst stating that they are planning to use their powers to prevent any such action being taken, even once the banks have largely paid off the billions of pounds that it is estimated they currently owe.

Following the comprehensive defeat that the banks suffered in the high courts earlier this year, it is estimated that around £6 billion will be paid in compensation to consumers who suffered mis-selling of PPI.

Whilst selling the insurance itself at the same time as loans and credit cards (when it was previously sold) is now prohibited by the FSA, the concern is that the banks may now try and work out new types of ‘insurance’ which will operate into a similar manner.

The FSA Managing Director Margaret Cole stated that ‘this is the first time that the FSA has issued guidance on the design of a specific product. The two organizations [FSA and OFT] will continue to monitor developments in the market, and will take appropriate action under their respective powers where firms’ products or practises risk causing detriment to consumers.

To find out if you’re eligible for a PPI refund, visit the Creditline Financial PPI calculator here.

Posted by Shaun Edwards on 18 Nov 2011

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