This is some text prior to the author information. You can change this text from the admin section of WP-Gravatar To change this standard text, you have to enter some information about your self in the Dashboard -> Users -> Your Profile box. Read more from this authorWho is Hector Sants? Have you heard of him? Mr Sants is the head of the Financial Services Authority (FSA) and he’s come out and said that the financial regulator will toughen up protection for consumers and stop risky products being sold. This goes against what seems to have been the FSA’s approach previously, which was let mis sold PPI and endowment policies happen, then pay out compensation when the horse has bolted.
Mixed metaphors aside, Mr Sants said: “We will now seek to proactively intervene earlier in the product chain to anticipate consumer detriment and choke it off before it occurs.” Well, the FSA have some making up to do, over the previous 20 banks and lenders have mis sold mortgage endowments, personal pensions and payment protection insurance left, right and centre, and up, down, diagonally and another angle you can think of.
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- Despite The Mis-sold PPI Shame, The Industry Is Picking Up
- Mis-sold PPI Concealed The Truth, But Now – It's Out
