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FSA aim to improve PPI complaints process

The Financial Services Authority (FSA) has announced a raft of measures aimed to help protect consumers who purchase and complain about payment protection insurance (PPI).

The body has confirmed that a new handbook will be created to ensure complaints are handled properly and redressed fairly where appropriate.

Guidelines detailing when and why firms should analyse their past complaints will also be created, allowing companies to identify if there are serious flaws in their sales methods.

Furthermore, it will also create an open letter highlighting common failings to help lenders improve their sales practices.

Dan Waters, the FSA's director of conduct risk, was confident the new initiatives would "mend a market that has been broken for too long." ".

He said: "Today is the culmination of months of hard work and now, with these measures, we look forward to consumers being treated fairly whether they are buying or complaining about PPI."

All firms will have to implement the measures by December 1st with companies expected to train staff further in the intermittent period.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management

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