The large amount of mortgage and loans holders who were mis-sold payment protection insurance (PPI) has led to the Financial Services Authority (FSA) intervening to impose restrictions on future financial products.Many consumers have been able to make PPI claims since it was revealed the packages were unfair and the FSA has released guidelines to prevent future banking products from misleading customers in the same way."Firms must learn the lessons of the past and make sure they have consumers' needs at the heart of new product development," said the FSA's managing director Margaret Cole.Since the PPI scandal, banks have modified the products they provide but they are still a cause of concern for the FSA.In September, Richard Lloyd, the executive director of the consumer watchdog Which?, said banks are still failing to deal with PPI refunds fairly and the FSA must take further action if the situation does not improve.Samantha ClarkeSamantha is a former banking assistant and has over ten years experience in retail banking.
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