10th August 2010
Responding to the FSA’s announcement on PPI (payment protection insurance), the Financial Services Consumer Panel has today urged firms to start handling complaints fairly as soon as possible ahead of the FSA’s December 1 deadline. PPI mis-selling and complaints are issues which the Consumer Panel has commented on before, highlighting industry pressure which has delayed the successful resolution of the situation.
Kay Blair, Vice Chairman of the Financial Services Consumer Panel said:
"Consumers deserve to get an early Christmas present from firms and not have to wait until the new 1 December deadline. The financial services industry has been dragging its feet over resolving PPI mis-selling and letting down customers by not handling their complaints fairly.
Consumers with rejected PPI complaints should consider taking them to the Financial Ombudsman Service, where 81% of complaints are currently being upheld1. We welcomed the FSA’s action in May to suspend the usual six-month time limit for reference to the Ombudsman of rejected complaints and we would urge anyone affected to take action as soon as possible.
Industry and regulators must learn the lessons of this debacle with further industry action to treat customers fairly and provide simple straightforward products which consumers can compare easily. We have set out our ideas for better financial services in our ten point plan2.”
Notes to editors
p10, July/August Financial Ombudsman News.
The Consumer Panel ten point plan
The Consumer Panel is a statutory body under the Financial Services and Markets Act 2000 and was initially established by the Financial Services Authority in December 1998. The Panel advises the FSA Board on the interests and concerns of consumers and reports on the FSA’s performance in meeting its objectives.
The emphasis of the Panel’s work is on activities that are regulated by the FSA, although it may also look at the impact on consumers of activities outside but related to the FSA’s remit.
- There are currently thirteen members of the Panel as listed below (for further information on individual members, see Who is on the panel)