On 10 August 2010, the Financial Services Authority published a Policy Statement confirming its package of measures to protect consumers of payment protection insurance (PPI).
Payment Protection Insurance
UK: Competition Commission Consults on Changes to the Way Retail Payment Protection Insurance is Sold
By Troutman Pepper Locke on
On 29 July 2010, the Competition Commission published for consultation its provisional decision on remedies in relation to retail payment protection insurance (PPI). Please click here to view the decision. This follows the Competition Commission’s reconsideration of its decision to impose a prohibition on selling PPI at the credit point of sale (the point of sale prohibition (POSP)) following remittal of certain issues by the Competition Appeal Tribunal. …
UK: FSA Fines Approved Person for Unsuitable PPI Advice
By Troutman Pepper Locke on
On 9 July 2010, the Financial Services Authority (FSA) fined David Head £10,500 for putting customers at risk of receiving unsuitable advice on Payment Protection Insurance (PPI). Head, a director of Essex based mortgage and insurance broker network, FT Compliance Services Limited, and an FSA approved person, failed properly to supervise insurance and mortgage brokers who advised on PPI sales. …
UK: Regulation – The British Insurance Brokers Association Response to the Competition Commission’s Decision on Payment Protection Insurance
By Troutman Pepper Locke on
The British Insurance Brokers Association (BIBA) has written a letter dated 24 June 2010 responding to the Competition Commission’s (CC) provisional decision of 14 May 2010 in relation to how Payment Protection Insurance (PPI) is sold. …
UK: The Financial Ombudsman Service Publishes Payment Protection Insurance Case Studies
By Troutman Pepper Locke on
The Financial Ombudsman Service (the FOS) has recently published eight short case studies to help firms understand how complaints about sales of payment protection insurance (PPI) will be assessed. The case studies are available on the FOS website. …
UK: The Financial Services Authority Introduces Temporary PPI Rule
By Troutman Pepper Locke on
The Financial Services Authority (the FSA) has recently announced a temporary rule which will allow customers with complaints about the purchase of a payment protection insurance (PPI) policy more time within which to refer it to the Financial Ombudsman Service (the FOS). This temporary rule has been introduced without consultation. …
UK: FSA Update on PPI Reforms
By Troutman Pepper Locke on
On 9 March 2010, the Financial Services Authority (FSA) published feedback on its consultation assessing the Payment Protection Insurance (PPI) market (the First PPI Consultation).
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EU: European Commission Publishes Report on Tying and Other Potentially Unfair Commercial Practices in Retail Financial Services
By Troutman Pepper Locke on
On 15 January 2010, the Internal Market Directorate General of the European Commission published for consultation a paper by the Centre for European Policy Studies entitled “Tying and other potentially unfair commercial practices in the retail financial service sector“. …
UK: Partial Victory on Payment Protection Insurance (PPI)
By Troutman Pepper Locke on
In our previous blog on 13 February 2009 (see our previous blog here), we wrote that the Competition Commission proposed prohibiting the sale of all PPI alongside a credit product eg a loan within 7 days of selling a credit product to that customer.
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UK: FSA Unveils a Package to Protect Payment Protection Insurance Consumers
By Troutman Pepper Locke on
In our previous blogs on the Payment Protection Insurance (PPI) market, we discussed the Competition Commission’s Final Report published on 29 January 2009 (see our blog here) and the Financial Services Authority’s (FSA) response (see our blog here).
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