- Thursday, 10 June 2010 The Financial Services Consumer Panel has praised the Financial Services Authority (FSA) for its improved enforcement of complaints especially about missold payment protection insurance (PPI).
PPI used to be offered to consumers when they took out
loans but if it is missold it could lead to the need for a
debt management plan because it can be a significant added expense.
What's more, Which? recently revealed that PPI was often not needed by consumers as it was expensive and income protection costs less.
The Consumer Panel has welcomed the active enforcement of providers, publication of complaint data and the regulation of the mortgage market by the FSA but believes more could be done.
Kay Blair, vice chair of the Consumer Panel, said: "During the last year the FSA has demonstrated the benefits for consumer protection from a more proactive approach.
"However, we want to see the FSA go further and faster in delivering positive outcomes for consumers in the coming year."
She added that the FSA was being too slow in resolving the misselling of PPI.
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