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Insurers 'will struggle to abide by new PPI rules'

Insurers will find it hard to abide by new payment protection insurance (PPI) rules put in place by the Financial Services Authority (FSA), it has been argued.

The FSA's guidance on "root cause analysis" forces firms to check their records for details of previous PPI claims to see if there are any systemic failures within the company.

However, bosses at Charter UK believe that many organisations will struggle to complete this practice without significant investment.

Chief executive officer at the group Paul Clark said that if the guidelines are not reviewed, many companies that have legacy technology will have little choice but to improve their computer systems.

"We are going to see some epic failures across the industry if the guidelines are maintained in their current state," he remarked.

Last month, Mr Clark stated that new rules that are set to be introduced by the FSA in July 2012 will prove to be the biggest change the complaints handling industry has ever seen.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801286846-ADNFCR

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