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PPI legislation could cost lenders £3.2bn

Firms could face a collective bill of £3.2 billion for implementing the new set of payment protection insurance (PPI) regulations.

The Financial Services Authority (FSA) has introduced new measures to ensure lenders handle complaints properly and redress consumers fairly where appropriate.

An FSA report said: "Our final estimates are that the cost to industry of our wider package of measures is £1.1 billion to £3.2 billion."

Jock Cassidy, director of Middlesex-based Ashley Law, claimed companies may pass on the costs of implementing the measures onto their customers.

He told "All PPI providers want to make a profit - the difficulty is if they are expected to fully comply with the new measures, then there will be an increase in costs."

The regulatory body has detailed guidelines which explain to firms when and why they should analyse past complaints to identify if there are serious flaws in their sales procedure.

An open letter outlining common mistakes in sales practices has also been produced to help businesses improve their sales method.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800023721-ADNFCR

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