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Singled out

The Financial Services Authority recently wrote to regulated firms stating that sales of single premium payment protection insurance for unsecured lending should cease by May 29 – some 17 months before the ban on single premium PPI policies comes into force.

Also, it seems the Financial Ombudsman Service is taking account of the rule changes early by adopting a tougher approach to customer complaints.

So don’t wait for the rules to be implemented, look for alternative products now and start to redefine your business model before the FOS does it for you.

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