Consumer Panel welcomes the FSA’s proposals on PPI – but it must only be the start

29 September 2009

The Consumer Panel welcomes the FSA’s work on Single Premium Unsecured Personal Loan Payment Protection Insurance (PPI) and the Consultation Paper on PPI complaints published today. The Consultation Paper proposes tough action from the FSA on complaints about sales of PPI, but there is still more for the FSA to do.

Adam Phillips Chairman of the Financial Services Consumer Panel said:

“The selling of PPI has a notorious history.  We welcome the FSA’s proposal today to force firms to re-visit all rejected complaints about sales of PPI and re-examine them against new FSA guidance.  However, this action has taken a long time, and the FSA still needs to tackle PPI sold with credit cards, secured loans and mortgages where people may not have complained.  We also still await FSA enforcement action against individuals in some of the bigger players who were responsible for the mis-selling of PPI.”

 

Notes to editors

1. The FSA established the independent Financial Services Consumer Panel in December 1998 to advise its Board on the interests and concerns of consumers and to report on the FSA’s performance in meeting its objectives.  The Consumer Panel has statutory status.  

2. The emphasis of the Panel’s work is on activities that are regulated by the FSA, although it may also look at the impact on consumers of activities outside but related to the FSA’s remit. What we're doing for consumers explains more about the work the Panel is doing.

3. The Consumer Panel brings together a wide range of relevant experience. This includes financial services regulation, working with vulnerable consumers, consumer protection, consumer education, front-line money advice, legal expertise, competition policy, public policy analysis, market research and media.

4. There are currently ten members of the Panel as listed below (for further information on individual members, see Who is on the panel)
   

   Adam Phillips (Chairman)
   Kay Blair
   Michael Chapman
   Stephen Crampton
   Caroline Gardner

   Tony Hetherington
   Nick Lord
   David Metz
   Lindsey Rogerson
   Carol Stewart