Lamport Bassitt Solicitors - Legal News - FSA 'must not give in over PPI reforms'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS FSA 'must not give in over PPI reforms' The Financial Services Authority (FSA) must not cave into industry pressure over the reform of payment protection insurance (PPI). This is the message from the Financial Services Consumer Panel, which said that firms have for too long mistreated consumers when selling the product. In a new development, the FSA has announced that its revised proposals for redress are to be scrutinised further after complaints from firms in the sector. The period of consultation over the plans has been extended by six weeks in order to address the concerns. Responding to the move, Adam Phillips, chairman of the Financial Services Consumer Panel, said the FSA should not back off and consumers need "tough action" from the body. The expert went on to state: "It seems that too many firms have regarded PPI as an easy product to sell and make money, without considering whether it really is right for the customer." Related Articles: 24/12/2010 - Older drivers 'safest in poor weather' 17/12/2010 - HSE launches web tool for risk assessments 5/10/2010 - New asbestos ruling over mesothelioma disease 20/9/2010 - Theft affects one in eight students yearly 16/9/2010 - Students being 'careless with money' More Insurance Law News