In its initial review, the FSA found a lack of information relating to the products given to clients, with some firms failing to correctly record client information and why they had been recommended a particular deal.
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Stuart King, head of retail intelligence and regulatory themes at the FSA, said: “We will be undertaking in excess of 100 new firm visits focusing on small firms.
Additionally we will conduct follow up visits with between 10-20 medium and large firms. This will include firms who have not been visited to date and firms where we will be confirming that remedial work implemented following our previous visits is on track.”
Shane Craig, managing director at Paymentcare.co.uk, suggested that more needed to be done. “With the recent fines, the FSA has shown that its been very busy in the PPI market and has consistently stated that it is determined to see significantly better practice in PPI sales. Initiatives such as www.moneymadeclear.fsa.gov.uk further helps to inform the public of their options.”
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