Regulators issue draft guidance on PPI products
The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) have declared they are working together to prevent the problems with payment protection insurance (PPI) happening again in a new generation of products.
The two bodies are consulting on proposed guidance to firms in relation to payment protection products which fall within either regulator's remit.
They claimed that with the market shifting away from PPI and firms developing products such as short-term income protection, or debt freeze or debt waiver as elements of a credit agreement or mortgage, it was a key time to monitor developments.
They warned that the two organisations will take appropriate action under their respective powers where
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