PPI Calculations
Are you involved in the sale of Payment Protection Insurance (PPI)?
Has the FSA contacted you to undertake a thematic review of your PPI sales?
If you can answer YES to either of these questions then you need the skills of The Consulting Consortium (TCC) to help you.
Since starting work on the thematic review of PPI in 2005 the FSA had taken enforcement action against 22 firms (up to September 2009) and had imposed fines of £11.8 million over poor PPI selling practices:
The Financial Ombudsman Service (FOS) has commented in its 2008/2009 report that complaints about PPI from consumers make up 62% of complaints in the insurance category.
Clearly, the FSA and other market regulators see the PPI market as one of the focuses for enforcement, fines and redress exercises in the coming months and years.
TCC can provide assistance to firms, large and small who are involved in the PPI market.