New PPI guidance issued to avoid "previous failings"
The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) have published guidance designed to avoid repeating payment protection insurance's (PPI) "previous failings".
The financial regulator said the new advice was aimed at a "new generation of products" such as short-term income protection insurance or debt freeze/debt waivers linked to a credit agreement or mortgage.
In short, the guidance stresses the importance of identifying the target market for protection products, ensuring that the cover offered meets the needs of the market and avoids the creation of barriers to comparing, exiting or switching.
The FSA - which described the current climate as a "key
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