Helping Peter Piper pick a peck of payment protection products

With claims over toxic payment protection insurance still pouring into banks and the ombudsman, the Financial Services Authority and the Office of Fair Trading have responded to concerns about similar emerging products by releasing joint industry guidance.Charlotte Hill and William Maycock provide a synopsis for compliance officers of the expectations outlined by the FSA.

Charlotte Hill is a partner and William Maycock an associate in the financial services and regulation team at law firm Stephenson Harwood. Contact Charlotte and William at charlotte.hill@shlegal.com and william.maycock@shlegal.com.

The Financial Services Act 2012 received Royal Assent on 19 December and is planned to commence on 1 April. Also, CP12/37 was released as part of a series of papers proposing changes to create the new rulebooks and policies for the Financial Conduct Authority and the Prudential Regulation Authority.