The Financial Services Authority vows to continue with reform
- 25TH JUNE 2007
Anyone who has been closely following the Financial Services Authority’s investigation will already know that it had, up until the turn of 2007 occurred in two distinct phases. However, it had only met with limited success because the banks and lenders simply did not listen.
Payment protection specialist Simon Burgess - Managing Director of payment protection insurance specialists British Insurance- hit the nail on the head when he stated that: “While the first two phases of the FSA investigations have highlighted just how shabbily consumers buying payment protection insurance have been treated, still the providers continue to mis-sell the product, often at grossly over priced amounts. Until the greedy banks and lenders start putting their customers first by offering a suitable cover and low cost premiums, consumers will still continue to be ripped off.”
The Financial Services Authority alludes that it agrees with Simon’s assessment and has admitted that its initial investigations were far from successful. Neither does the current payment protection insurance offered by high street banks and lenders represent good value for money.
Worse still, few banks are actually listening to recommendations, viewing FSA directives as advice rather than orders. It is only when every individual banks and lender begins to comply with the Financial Services Authority that anything will actually get done!
