Better Protection For Consumers?

Published / Last Updated on 19/01/2007

The rules around Payment Protection Insurance could be under review as the Financial Services Authority feels that they may not be protecting the consumer properly.

It has been confirmed that 10 companies have been referred to enforcement and that six of these cases have had the outcome published. Further investigations may include mystery shoppers and follow-up work for companies who have previously been found to have a poor ‘after sales’ issues. The report on all of the findings and proposals should be available in the third quarter of 2007.

Our view

Whether regulated or not, there are many areas of finance that can be abused. Until there is a maximum commission scale and there will always be those that are ‘sold’ to for commissions. This is the same in any industry.

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