Brokers demand 'safe harbour' from PPI storm
The Financial Services Authority (FSA) has come under increasing pressure to force insurers to share the burden of compensation claims resulting from the widespread mis-selling of payment protection insurance (PPI).
As broker unrest rises over huge hikes in their Financial Services Compensation Scheme (FSCS) contributions, individuals and organisations have started to question what checks insurers put in place to ensure that their products were sold appropriately.
Mike Cranny, regulatory consultant and principal of Create Solutions, has written to the regulator on behalf of his broker clients calling for insurers to be held to account for their role in the mis-selling of PPI.
In the letter, Mr Cranny argues
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