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FSA steps up crusade against rogue PPI providers

The Financial Services Authority will undertake further mystery shopping and thematic work in the payment protection insurance market.

In what it is calling one of the largest programme of thematic work undertaken, it will aim to root out further abuses in a sector tarnished by a string of horror stories.

The FSA has also promised enforcement action where necessary. By the end of June the FSA will have visited over 200 PPI firms in two years. Around 10 firms have so far been referred to enforcement, with the outcomes published in relation to six of these.

FSA managing director of retail markets Clive Briault says: “Improving sales standards in the PPI market remains a key priority for us and we see it as an indicator of whether firms are treating their customers fairly. Customers should come away from the sale having been given the best possible chance of understanding that PPI is almost always optional, what the policy will and will not cover, and how much it costs. The next phase of our programme will tell us what progress has been made and what further action is necessary.”

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