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FCA 'will learn from PPI claims scandal'

The Financial Conduct Authority (FCA) is to learn from the payment protection insurance (PPI) misselling scandal, it has been said.

Chief executive officer designate of the FCA and managing director of the Financial Services Authority Martin Wheatley stated during a Thompson Reuters Newsmaker event that the organisation will take lessons from the PPI scandal by taking decisive action at an earlier stage when issues begin to arise.

A larger number of resources will be devoted to the analysis of possible risks and the examination of cross-industry issues, he added, stating this should help the body to "get to the root cause of problems".

Companies that sell the correct problems in the proper manner to customers who want them "have little to fear", the representative remarked.

He revealed that the organisation will be able to ban the sale of any goods or services that are deemed to "pose unacceptable risks to consumers" for as long as a year, without holding any consultations.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-801470143-ADNFCR

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