Member News
Treasury minister Stephen Timms has revealed that the Financial Ombudsman Service is still receiving over 500 complaints a week concerning mis-selling of payment protection insurance (PPI).
During a Commons debate, called for by veteran Labour backbencher Harry Cohen, Timms also told MPs that the Competition Commission would, later this week, publish its final remedies paper on the mis-selling issue.
Several high profile cases – most notably Egg’s recent fine by the Financial Services Authority for failings in 40 per cent of its PPI sales calls – prompted the Office of Fair Trading to investigate firms' selling of policies.
The OFT then referred the PPI market to the Competition Commission in 2007 and a spokesman for the commission confirmed to ePolitix.com that they were hoping to publish their final recommendations on Thursday.
Dods Parliamentary Communications Ltd