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FSA pledges to continue crackdown on PPI

The FSA is stepping up its clampdown on payment protection insurance and is shortly set to announce further fines and enforcement action against another six PPI companies.

A source at the FSA says there are around six PPI cases in the pipeline and details of any enforcement action will be announced shortly.

This will bring the total number of PPI firms hit by the regulator to around 12.

Redcats is the latest firm to come under the scrutiny of the FSA and was given a £270,000 fine in December for failing to treat its customers fairly when selling PPI.

The FSA also imposed a public censure on Eastern Western Motor Group in December for failing to organise and control its regulated business effectively.

The FSA has confirmed that other PPI cases are pending but will not give details.

FSA spokesman Robin Gordon-Walker says: “We have completed two phases of our work on PPI which remains a very high priority for the FSA. We have taken enforcement action on six firms so far and our work on PPI will continue. We expect and look forward to seeing improved standards in this area in 2007.”

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