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FoI reveals lack of accountability over PPI mis-selling

17th September 2012

The FSA has not brought any enforcement cases against individuals for the misselling of payment protection insurance in the last three years and says it has no plans to do so.

London-based IFA Wexdon Financial Services submitted a Freedom of Information request to the regulator to find out whether individuals have been held to account over the recent PPI misselling scandal which could cost the industry around £10bn in compensation.

It has been reported that the response from the Regulator says: No FSA regulated persons have been disciplined by the FSA for PPI misselling over the past three years. There are no cases currently being formulated against FSA regulated persons for disciplinary proceedings for PPI missellng.

Posted in PPI, FSA, Mis-sold PPI, UK Banking

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