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Press Release

PPI – still more work needed

11 January 2007

As the Financial Services Authority (FSA) announces details of a new phase of work to improve sales standards in the Payment Protection Insurance (PPI) market Pula Houghton, personal finance campaigner, Which? comments:

“Which? has said for years that the PPI market performs poorly - offering complex, often inappropriate and poor value policies. It is simply not delivering adequate protection for consumers.

“Industry measures to give consumers more information will be too little too late for many consumers and are no substitute for treating them fairly in the first instance.

“Which? is pleased to see that the FSA is finally stepping up its' efforts and that it has been publishing enforcement cases but we would reiterate the need for them to name and shame firms breaching the rules.

“The FSA now needs to work with the Office of Fair Trading, who have also recognised significant failings in the market, to make long term improvements in this market. Which? looks forward to working with the FSA on its regulatory review.”



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