Insurance regulator FSA has given guidance to banks on how
to progress payment protection insurance complaints:
- Firms should be undertaking an analysis of complaints
about the previous sale of PPI policies
- Where firms have identified that they may have mis-sold
PPI policies, they should be contacting consumers to alert them and to advise
that they may be entitled to some redress
- Firms should be asking customers whether they would like
the sale of their PPI policy to be reviewed.
FSA guidance sets out what a letter should contain, and how
it should be presented so that it is clear, fair and not misleading.
This guidance also sets out how FSA rules on complaint handling and the
time limits on a consumer making a complaint are relevant. It also covers other
lender obligations such as record keeping.
Income protection insurance news: 17 March 2012