Paul Bradshaw has warned that the protection industry could suffer damage to its reputation because of horror stories over payment protection insurance.He said PPI firms that disregard treating customers fairly could have a damaging effect on the rest of the market and lead to consumer mistrust. Bradshaw believes regulation of the protection market has been subtle compared with the aggression shown in the life and pension industry and he attributes this the FSA’s recognition of flaws in theoretically correct but practically impossible detailed regulation. But he said tougher product regulation might be necessary to rid the industry of dangerous products such as PPI. He said: “I wonder whether some form of deeper product regulation is appropriate. It is a source of great sadness to me that the practical impact of regulation over the last 20 years has been to remove caveat emptor from the informed middle classes while leaving less advantaged sections of our community exposed to every debt and insurance rip-off such as PPI. “Perhaps so long as we tolerate blatant disregard for meaningful TCF, we are doomed to be mistrusted by consumers and politicians. If a consumer reads in the Daily Mail that PPI is a rip-off, they are likely to conclude that term is too.”
Treasury Economic Secretary Ed Balls has hit out at the advice sector, claiming it is as big a challenge ensuring that adv- isers educate themselves about industry developments as it is to educate the public. Speaking at an ABI Parliamentary reception in London last week, Balls said when it comes to financial education, making sure […]
GE Money Home Lending brand First National is moving into prime mortgages with a pilot with three intermediaries – Pink Home Loans, Abacus Permanent and Optoma Broker Solutions.
The FSA wants firms that only do a small amount of equity release business to either cease their activities or pass leads on to experts.The unprecedented request forms part of the regulators mystery shopping results into the sector which show a slight improvement on last Mays disappointing findings into the lifetime mortgage market.The announcement of […]
In uncertain market conditions, it is very difficult to advise investors where to put their money. I believe that Close Brothers Private Bank, the offshore company of the Close Brothers Group, has found the best solution so far.
Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).
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