The Financial Services Authority published feedback on its plans to reform the Payment Protection Insurance (PPI) market, and announced a further six week consultation on its revised package of measures.
In response to its consultation (CP 09/23), the FSA received 51 detailed responses from a wide range of stakeholders. Consumer groups were very supportive of the proposals but PPI providers and industry groups were highly critical.
As a result of this detailed feedback, there have been some revisions to the original proposals which, in the FSA’s view, warrant a further short consultation. For example, the wider costs and consumer benefits have altered since the original consultation and the FSA wants to test the revised financial assumptions with firms.
The FSA invites further comments on its proposals, and responses must be received by 22 April 2010.