Following the publication today of the Financial Services Authority’s latest review into Payment Protection Insurance, Peter Vicary-Smith, chief executive of Which? has called on the regulator to stop dithering.
Vicary-Smith, says: “This damning evidence demands that the FSA stops dithering and takes decisive action to sort out the PPI market.
“Its weak response to date has done little to help the millions of people who may have been mis-sold policies or to improve sales practices. The FSA needs to use its full range of enforcement powers in the interest of consumers.
“Single premium PPI is of particular concern so sorting out this area should be a priority.
“We also want to see the FSA force firms to contact their PPI customers to inform them about the problems with the market, what constitutes a legitimate sale and what to do if they think they were mis-sold their policy.”