FSA and OFT publish landmark guidance on designing PPI

The two bodies have joined forces to help prevent problems linked with payment protection insurance (PPI) recurring in a new generation of products such as short-term income protection, debt freeze or debt waiver as part of a credit agreement or mortgage. Payment protection products can fall within either regulator's remit. In its guidance the FSA stresses firms should ensure that product features reflect the needs of the consumers they are targeting. Providers should think carefully about failures to properly identify the target market for the protection product, and the protectio...