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FSA to expose payment protection flaws

08/10/2007

New guidelines for people who think they may need payment protection insurance (PPI) are to be launched by the Financial Services Authority (FSA) next year.

PPI can be taken out to protect payments on credit card debts, bank loans or mortgages if the customer are taken ill or loses their job.

Until now, the FSA has yet to publish official advice for those wishing to take out the insurance. The crackdown comes after wide ranging research by the FSA and the Office of Fair Trading found the insurance was often mis-sold to customers who most needed it.

"There is currently little information available to help consumers shop around," said the FSA.

The FSA is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000.

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