Consumer bodies have welcomed the news that the FSA has taken action to bring about an industry-wide refund on Mortgage Payment Protection Insurance (MPPI). this could lead to one million customers receiving some form of redress.
Adam Phillips, chairman of the Financial Services Consumer Panel, said: “This is exactly what a financial regulator should be here for and we applaud the FSA’s action. It cannot be right that firms change the terms and conditions of an insurance policy just as times get hard and when people are more likely to try to claim on it.