23 February 2007
The Income Protection Task Force, which includes representatives from CWC Research, Le Beau Visage and Lifesearch, is calling for a quick and efficient resolution to the payment protection insurance (PPI) policy crisis following its meeting with the Financial Services Authority (FSA) last week.
Clive Waller, head of insurance consultancy and data provider CWC research, told the Financial Times Adviser that the regulatory body was not doing enough to prevent widespread mis-selling of the policies from the UK's major high street banks.
"The consultancy work we carried out last year was about what needs to be happening. Now we are in talks with the FSA to make things happen," he added.
Mr Waller pointed out that the PPI sales for Barclays last year were "in the region of £500 to £600 million" and suggested that the huge commissions offered to Barclays staff and the low uptake numbers from consumers may indicate a problem.
"It is no good the regulator doling out paltry fines to the small players. I am not saying the major banks are necessarily mis-selling PPI, but sometimes when you add one and one and one you get close to three," he concluded.
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