PPI scandal 'has helped tighten financial regulation'

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PPI scandal 'has helped tighten financial regulation'

The scandal of payment protection insurance (PPI) which has resulted in millions of Britons paying money for cover they in many cases did not need has meant the legislation surrounding the sale of insurance has now been tightened.

David Gordon, founder of DG Law, said the resulting introduction of the Financial Services Act now means there are a whole series of checks and balances that financial advisors and lenders have to go through, meaning there is now greater protection for the consumer.

He commented: "Prior to all this coming to light, there weren't a huge amount of regulations ... in terms of actually setting out key facts so that people really understood what they were letting themselves in for."

According to Annie Shaw, founder of CashQuestions.com, the Financial Services Authority and the Competition Commission should have acted more quickly to deal with the problem of PPI when it was first discovered.

The lack of forthright action by these bodies ultimately led to the issue growing out of control, she claimed.

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