The Financial Services Authority’s (FSA) guidelines on payment protection insurance (PPI) redress will be difficult for firms to meet, an industry expert has claimed.Firms involved in the mis-selling of PPI will need to upgrade their systems and processes in order to achieve the level or remediation set out by the city regulator, believes Paul Clark, chief executive officer of Charter UK.
He said: “The three-to-eight week window that the FSA has allocated to resolve a complaint does not look achievable without major investment in systems and process improvements.” Describing the guidelines as difficult to meet, Mr Clark suggested the watchdog had underestimated the resources firms will need to address the problem and comply with its demands....Read more here--: FSA guidelines on PPI redress are challenging, expert says