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FSA plans to publish report into lessons learned from PPI

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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.

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