The Financial Conduct Authority (FCA) has launched enforcement action against at least one small firm for failing to handle payment protection insurance (PPI) claims properly, after it found "serious problems" at two thirds of the firms it reviewed.
The FCA said it found "significant issues" with the decisions made and the communication to customers in 16 of the 18 firms it reviewed and was considering whether to launch further actions against "a number of" other firms. Clive Adamson, director of supervision at the FCA, said: "We expect firms to deliver fair outcomes to PPI complainants. In our review, we found that some firms are doing this while it is clear others still have some way to go. "I am encouraged that the firms in scope of our review have taken immediate steps to put in place the necessary remedial measures and I exp...
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