The Financial Services Authority (FSA) has published a policy statement that is intended to clean up the Payment Protection Insurance (PPI) market for customers.
Under the new rules, which were introduced earlier this week (August 10th), consumers should now be treated more fairly both when buying PPI and complaining about it.
Dan Waters, director of conduct risk at the FSA, commented that the publication of the document - which includes provisions such as a new handbook offering guidance to make sure that complaints are handled correctly - is the "culmination of months of hard work".
Mr Walker went on to say that the initiative is the result of extensive research and investigations into the sector conducted by the FSA in recent times and stated that the organisation is confident it can "mend a market that has been broken for too long".
Meanwhile, the Financial Ombudsman Service said recently it had received 114,478 complaints about PPI in the last five years.
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Posted by Daniel Stevens