FSA orders insurance compensation
Wednesday, September 30, 2009
The Financial Services Authority (FSA) has told banks and other lenders to compensate customers who may have been mis-sold payment protection insurance.
The order has been given initially to firms responsible for selling more than 40% of "single-premium" PPI policies when giving unsecured personal loans.
The FSA will now target other firms that have mis-sold PPI when offering secured loans or credit cards.
All firms have also been told to reopen 185,000 rejected complaints about PPI.
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