PPI reimbursement could cost up to £3bn, warns report
The Financial Services Authority (FSA) consultation document on Payment Protection Insurance (PPI) mis-selling has costly and serious ramifications for the PPI industry, according to Defaqto.
The claim by the financial research company follows the announcement that the FSA is embarking on further consultation period of six weeks on the PPI market.
As reported on broking.co.uk the regulator had received 51 detailed proposals ranging from PPI providers being "highly critical" to consumer groups being very supportive.
According to Defaqto, the regulator envisages that compensation for customers who have complained may cost the PPI industry between £700m and £1.2billion and the potential
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