FSA and CC 'failed to tackle PPI issue head-on'

Money News

www.moneynews.co.uk > Insurance > FSA and CC 'failed to tackle PPI issue head-on'

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

FSA and CC 'failed to tackle PPI issue head-on'

The Financial Services Authority (FSA) and the Competition Commission (CC) have been accused of failing to take appropriate action regarding the mis-selling of payment protection insurance (PPI).

Annie Shaw, founder of CashQuestions.com, said neither the FSA nor the CC were proactive enough in tackling the problem until the situation reached crisis point and was, by then, a mammoth issue to be dealt with.

She commented: "The banks were making shed-loads of money from it and they didn't want to stop the merry-go-round. In other words, they were craven and in awe of the moneymaking power of the banks."

Ms Shaw added that PPI premiums were straight-up additions to the lender's bottom-line profits because no claim could ever be made.

Earlier this month, the FSA fined Santander a total of £1.5 million for failing to properly cover its structured products under the Financial Services Compensation Scheme.

Click here for more insurance newsADNFCR-323-ID-801300992-ADNFCR

Related News : Insurance

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet