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PPI Claim News - 16/12/2009

ABI welcomes consultation that could impact PPI charges

Proposals that could have a large impact on the market for payment protection insurance (PPI) have been welcomed by the Association of British Insurers (ABI).

The trade-body, which represents the interests of Britain's insurance industry, applauded the release of the Financial Service Authority's latest consultation on its Retail Distribution Review.

In particular, Maggie Craig, acting director-general of the ABI, expressed her satisfaction with the focus that has been placed on protection fees, such as PPI charges.

She said: "We are pleased that the FSA has accepted our arguments that adviser charging should not be applied to the protection market purely for the sake of consistency."

The consultation paper, entitled Delivering the Retail Distribution Review, focused on the provision of advice on protection products, among other things.

Commenting on its release, the FSA's director of conduct policy Sheila Nicoll said: "Raising professional standards is a core strand of our reforms of the retail investment market."

She added that the organisation will "closely supervise" the introduction of improved standards in the sector, which will come into force along with the rest of the recommendations outlined in the final Retail Distribution Review by 2013.

Belmont Thornton can help you make a PPI claimPayment Protection Insurance Claim, or a credit card charges claim. For free PPI Claim advice call 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim pack or credit card charges claim packADNFCR-2776-ID-19517105-ADNFCR

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