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FoI reveals lack of accountability following PPI scandal

A Freedom of Information (FoI) request has revealed the Financial Services Authority has not brought any enforcement cases against people in relation to the payment protection insurance (PPI) misselling scandal.

The FoI was sent by independent financial advisors Wexdon Financial Services and the FSA's response was reported by Money Marketing.

It revealed that the FSA has not disciplined any FSA-regulated individuals in connection with the misselling of PPI in the last three years.

Furthermore, the public body said "there are no cases currently being formulated" in regards to bringing cases against FSA-regulated professionals who are alleged to have missold PPI.

The FSA said to the news source: "To bring a case against an individual, there needs to be strong evidence about that individual's culpability."

In July 2012, the amount of cash paid back to customers as PPI refunds or compensation hit £5.9 billion and more than £10 billion has been earmarked to cover the cost of the scandal.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801451166-ADNFCR

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