The FSA’s PPI Review: what it means for you

Earlier this year, the FSA carried out a review of the payment protection insurance (PPI) market to investigate firms’ compliance with the new general insurance mediation regime that came into force on 14 January 2005. The FSA has now published its findings, and has written a Dear CEO letter to firms to highlight “urgent action” its wishes firms to take to address non-compliant practices.

The PPI review

The FSA carried out 45 supervision visits to firms to review the systems and controls that firms have in place, and commissioned a market research company to carry out 52 “mystery shops” covering 19 firms to see what happens in practice.