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Payment protection: No repeat of PPI, says new regulator boss

The payment protection insurance (PPI) mis-selling scandal is a reminder that it is "better to deal" with problems early on, the boss of the new UK financial regulator says.

Martin Wheatley, who will head up the Financial Conduct Authority (FCA), said the regulator will look to end years of mis-selling of financial products that have ended in banks being forced to pay £12 billion to date in PPI refunds.

Next month, the UK's Financial Services Authority (FSA), which has been the country's financial watchdog for 11 years, will be disbanded and replaced by the FCA.

The FCA will be responsible for consumer issues and the conduct of firms. Another body, the Prudential Regulation Authority, set up as a division of the Bank of England, will cover banking regulation.

Speaking at a press conference, Mr Wheatley said the FCA would be no "pushover", adding: "We will be on the front foot when we see things we don't like."

Analysts say firms are bracing for some of their products to be temporarily banned while the FCA looks at whether consumers are being ripped off.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801562042-ADNFCR



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