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PPI charges: New guidance on PPI products

In order to stop further mis-selling of payment protection insurance (PPI), regulators have issued guidance on the design of new PPI products.

The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) issued the guidance due to concern that the development of new payment protection products could cause further mis-selling to consumers.

The FSA and the OFT said they were aware that firms had been developing new payment protection products, including short-term income protection insurance and debt waivers linked to mortgages and credit agreements.

If these products are not developed with consumer interests in mind, the FSA feared this could lead to further mis-selling. Additionally, the OFT said that companies should be transparent in the price, implications and nature of their products.

PPI mis-selling has seen banks pay out £12 billion in claims for consumers who either did not want PPI or were unaware that they had been sold it. This figure is expected to rise.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801528837-ADNFCR

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