Savings accounts providers criticised by Which?

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Savings accounts providers criticised by Which?

Mon 11th Oct 2010

Which? has called on bankers to reconsider their position in relation to payment protection insurance.

Chief executive of the consumer watchdog Peter Vicary-Smith made his comments after the Financial Services Authority (FSA) announced it would go head-to-head with the British Bankers' Association (BBA) on the topic.

He suggested bankers must be on another planet to continue fighting for this "over-priced, flawed and frequently mis-sold" financial tool.

"The BBA's taxpayer-backed members should take a long, hard look at themselves and ask why they continue to wage this ridiculous war," remarked Mr Vicary-Smith.

In his opinion, the regulatory changes being proposed would help protect consumers and ensure they are treated fairly.

The FSA has revealed it will "vigorously" challenge the BBA's judicial review of the complaint-handling guidance in relation to payment protection insurance.

According to the industry body, there have been more than a million complaints regarding this type of product over the past five years in the UK.

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