View more on these topics

Which? calls for “tough” FSA action against PPI misselling

Which? says the FSA’s move to make firms selling payment protection insurance review closed complaints is not good enough and says it must take stronger enforcement action against firms for poor complaint handling in the first instance.

The FSA today announced it is forcing firms that sold PPI to review 185,000 previously rejected complaints and redress any consumers who have been missold under new guidance.

In addition, firms representing more than 40 per cent of face-to-face sales in the single premium unsecured personal loan PPI market have agreed to the review their sales and redress consumers where required.

Head of campaigns Louise Hanson says: “While it’s good to see the FSA make firms review cases they’ve wrongly dismissed, we’re concerned about loopholes. Consumers could still be left paying over the odds or with too little compensation, so the FSA needs to monitor the review process closely.

“The FSA must also take stronger enforcement action against firms with bad complaints handling. It’s not enough to tell them to go back and do better the second time round. Unless big fines are levied, businesses will keep on unfairly dismissing complaints, safe in the knowledge that if they get caught, all they’ll have to do is go back and look at them again.”


Noise abatement

Freshly crowned as one of the UK’s biggest asset managers, Aberdeen might seem an odd choice for a column on boutiques.

Fund business hits August record

Investment Management Association figures show net retail sales for funds reached £2.2bn in August, a record for the month and up dramatically on £58.7m in August 2008. Equities took £696m followed by corporate bonds with £338m and the UK absolute return sector £235m.

Arc keeps options open for investors

Arc Capital and Income has established the Arc protected FTSE growth plan, a FTSE 100 linked capital-protected bond that provides two options with different levels of capital protection and returns.

10 September thumbnail

Johnson Fleming set to hold auto-enrolment support webinar

Two years since the process of auto-enrolment began, the looming re-enrolment deadline provides the perfect opportunity to assess whether the support you have in place, which may well have been hastily selected at the start, is fit for purpose. Johnson Fleming is holding a webinar on 10 September at 11:00 to discover the key issues and concerns you should consider when thinking about your current support options.


News and expert analysis straight to your inbox

Sign up


    Leave a comment