OFT and FSA must act to stamp out mis-selling, says consumer body
Citizens Advice responsed to the FSA's report on Payment Protection Insurance.
Peter Tutton, social policy officer, Citizens Advice: “It is profoundly disappointing that firms are still failing to treat people properly. Although the FSA has recently taken enforcement action against some firms for mis-selling PPI, this has not resulted in lenders sharpening up their act. We believe it is time for the FSA to take stronger action to ensure that the PPI selling rules are adequate and that firms actually follow them."
"In addition most lenders who sell PPI hold a consumer credit license, so if they are persistently mis-selling policies it should call into question whether they are fit to hold such a licence. We believe that the Office of Fair Trading must now work with the FSA to take firm action against lenders that don't follow the rules to stamp out PPI mis-selling for good."
He added: "It is now two years since we first made our super complaint on PPI, yet people are still paying over the odds for policies or having problems when they try to make a claim. PPI is supposed to protect people against debt but lenders still seem to be content to sell excessively expensive products that do little to help people at their time of need.”
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