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FSA orders banks to review PPI complaints

While payment protection insurance (PPI) will soon be a thing of the past, the Financial Services Authority (FSA) has today ordered UK banks to reopen complaints which were rejected in the past. There is concern that a number of UK banks may well have operated under substandard complaint procedures with regards to PPI and those who have been refused payouts in the past may well be in line for a more favourable review.

There is no doubt that the FSA has become tougher over the last few months having brought in a number of new regulations and reviewed a number of sub sectors of the UK financial markets. How ironic if, as expected, the Conservative party gains power at the next election because they have already suggested that the FSA will be closed down and overall regulatory power transferred back to the Bank of England.

However, while the FSA is still operating it seems that many areas of the financial sector may well feel the force of the regulator in the short to medium term as loopholes and potential problems for the future are addressed. Whether this is all too little too late with regards to the future of the FSA very much remains to be seen.

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