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The following article was published in our article directory on December 17, 2009.
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FSA Investigates PPI

Article Category: Business

Financial Services Authority has always been obliging in enforcing rules and policy in the United Kingdom's financial services industry. It would have been almost unfeasible to control the excesses of financial institutions if there was no controlling authority to monitor their activities.

Payment Protection indemnity or PPI has become a chief cause of difference between the financial institutions and the FSA. People have become ever more wary of the negative facets of PPI as it has failed to guard the rights of the consumers and has become an efficient tool for extorting money. Personal loans, of course, were a chief target of PPI frauds as UK saw an extraordinary craze for new electronic stuff, among other consumer durables. Most people favoured to buy these items through personal loans as they were easily obtainable and without any austere provisions and settings.

The problems with PPI started when companies selling shopper durables started attaching PPI with all item sold and without informing the patrons of this incident. Numerous unsuspecting customers were shocked when they found that they have to pay assurance premiums as they were bound under a PPI agreement to do so. This agreement, as mentioned earlier was unlawful, as the assent of the customers was not included in it. When some patrons failed to pay the premium, they were forced under the PPI system to pay penalties, among other dues.

These customers finally took the matter to FSA as they found it to be entirely illegal process to trap customers into complicated and more prominently, unannounced agreements of PPI. FSA was reluctant to hear these cases in the start as there was not enough proof of any gross misconduct on part of consumer durable companies or financial institutions. Nevertheless, the increasing number of complaints forced the apex influence to probe into the matter.

FSA, as probable, ordered an inquest over the matter and halted the process of selling PPI to persons with unsecured personal loans. This step, in its own rights, stopped the flow of PPI as many companies started to hold back their PPI programs as an alternative of continuing with a quick business of selling PPI.

The investigation ultimately led to more restrictions on the PPI assurance plans in February 2009 and compulsory an final ban on selling PPI to people with unsecured personal loans. After this initial action, FSA retreated back into its working as it had to deal with several other financial disasters, including the worsening condition of monetary crisis.

Nevertheless, PPI indemnity procedures have remained murkier and many customers are still not satisfied with the working of the system. FSA, however, has refused to take any further action as the Office of Fair Trading (OFT) has already started an inquiry into the functioning of PPI and its implications on the customers. FSA might look into the matter once OFT presents its final report. Until then, there are hardly any chances that PPI assurance policies and the related scams and malpractices will be investigated by the FSA.

Keywords: PPI Claim, Unenforceable Credit Agreement,

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