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PPI rules face rethink

The FSA is looking at changing the rules on payment protection insurance as it is not convinced they are protecting customers adequately.

The statement appears in an FSA announcement detailing a new phase of its work on PPI which is due to be released later this week.

Money Marketing revealed last week that the FSA is stepping up its clampdown on PPI and is close to announcing further enforcement action against companies.

The regulator has now confirmed that around 10 companies have been referred to enforcement and has so far published the outcome of six of these cases.

Its latest work will include mystery shopping, follow-up work with firms previously found to have poor sales practices and visits to firms not yet contacted. This phase is due to be completed by June 2007.

A report on this work will be published in the third quarter of 2007, by which time the FSA will have visited more than 200 PPI firms in two years.

Paymentcare.co.uk managing director Shane Craig says: “We are glad to see the FSA introducing additional measures to ensure greater consumer protection. If action is taken quickly by the whole industry we can avoid further losses in consumer confidence in PPI.”

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