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FSA 'did not act fast enough' on PPI scandal

The Financial Services Authority (FSA) did not respond to the Payment Protection Insurance (PPI) misselling scandal as quickly as it should have, it has been said.

CashQuestions.com founder Annie Shaw pointed out the first time this issue was flagged up was in 1998.

"Despite some miscellaneous fines for egregious bad behaviour in the industry", it was not until 2009 that authorities began to act on the PPI misselling scandal, she declared.

Neither the Competition Commission nor the FSA tried to stop this problem until it had "reached crisis point", the specialist argued.

Ms Shaw said the two reasons for this delay were that banks were "making shedloads of money" from PPI and that regulators behave in a reactive manner, rather than operating proactively.

The FSA recently revealed that £1.9 billion was paid out by banking institutions as redress for missold PPI during 2011, with £441 million of this occurring in December.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail bankingADNFCR-2776-ID-801300975-ADNFCR



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