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FSA plans to publish report into lessons learned from PPI

by Jun Merrett on Feb 26, 2013 at 11:18

FSA plans to publish report into lessons learned from PPI

The Financial Services Authority (FSA) is set to publish a ‘lessons learned’ report on the payment protection insurance (PPI) mis-selling scandal.

The FSA’s board minutes for November 2012 reveal that Martin Wheatley, FSA managing director, has discussed the possibility of a report with Andrew Tyrie, chair of the Treasury Select Committee (TSC).

The TSC is interested in a review providing an explanation of the strategy and approach of firms who mis-sold PPI although the FSA was concerned this would be a costly and resource intensive exercise.

According to the minutes the FSA would prefer to conduct a review that focused on its own actions so firms would report separately to the TSC which it said would use fewer resources and take less time than the review into the Royal Bank of Scotland’s PPI mis-selling.

The board agreed with this proposition and that the report should have external input.

7 comments so far. Why not have your say?

Chris F.

Feb 26, 2013 at 12:11

The "lessons learned"? That's a difficult one. Better pay someone another pile of OPM to draw up a report.

Let me save you the trouble guys:

Banks cannot be trusted. They rip people off in everything they do.

Why do they do this?

Because they can.

Next question please.

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John Burchett

Feb 26, 2013 at 12:14

The suggestion of a report to state the obvious is quite outrageous.Such a suggestion shows the complete naivety of both the FSA and TSC.

It has always been clear that Bank staff (and others) were targeted to sell PPI at every opportunity and had to justify why they did not in each case, rather than why they did.

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Charles Rickards

Feb 26, 2013 at 12:18

Chris and John, thanks for the report! Where do I send the cheque?

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Simon Mansell

Feb 26, 2013 at 15:58

The FSA have for years ignored thosands of consumer complaints over PPI and it was only following the OFT intervention that their hand was forced. Now we are to pay for an FSA report into their inaction! A jobsworth is a person who uses their job description in a deliberately uncooperative way, or who seemingly delights in acting in an obstructive or unhelpful manner - if the cap fits!

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Julian Stevens

Feb 26, 2013 at 20:03

The biggest single lesson is what happens when an unbridled and unaccountable quango such as the FSA directs a totally disproportionate amount of its vicious firepower at the little guys, the vast majority of whom are struggling to do their honest best by their clients and make a reasonable living, instead of focussing on the major league wrongdoers. Hence we now have a nationwide scandal of epic (multi-billion pound) proportions, with IFA's throwing in the towel left, right and centre.

But will any heads roll at the FSA? Of course not, they never do (except for the likes of Clive Briault, and look what he got (all with OPM).

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Jonathan Kirby

Feb 27, 2013 at 09:25

We have all known for years that the bully boys at the banks have treated their 'punters' with disdain.

But now it seems the bully-boys at the FSA would prefer to do their own investigation so that it can be swept under the carpet.

Despite the cost, this is one case where I think the enquiry should be totally independent and look into both the regulated and the the asleep at the wheel regulator.

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Julian Stevens

Feb 27, 2013 at 10:50

A totally independent enquiry will not and cannot happen unless or until an Independent Regulatory Oversight Committee is created, with a central remit of forcing the regulator to observe and abide by the requirements of the Statutory Code of Practice For Regulators. Without such a Committee, the regulator remains totally unaccountable for its policies, actions, failures and fundamental lack of understanding of small intermediary businesses.

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