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FSA dithering over PPI claims Which?

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.”


Citi fumes over new Wachovia deal

Citigroup is furious over a new deal between Wells Fargo and Wachovia which scuppers Citi’s original plans to buy up parts of the US bank.

FSA fines broker £28,000

The Financial Services Authority has fined TBO Investments £28,000 for failing to clearly document the explanation of the risks of transactions to clients.

How internet banking wrecked the Rock

Research by suggests that the growth of internet banking and the failure to effectively manage Northern Rock’s website were primary factors in the development of the run on the bank – that is, once BBC business editor Robert Peston had reported that it had applied for emergency financial support from the Bank of England.

Leads for less than bus ticket is slashing minimum bid prices to as little as 3 across five of its mortgage brands.

UK policy: Kate Moss and short-termism

“Nothing tastes as good as skinny feels,” said supermodel Kate Moss, who is not often credited for her insights into policy making. Perhaps she should be. In politics, as in matters of diet, the course of action that is the best over the long term is often not the most desirable course of action in the short term. Add the instant gratification of the democratic electoral cycle and, instead of good policy making, you sometimes get the equivalent to a midnight binge in front of the fridge.

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