Answering questions from the Parliamentary treasury committee, the FSA chief executive described the progress made by firms in this area as “disappointing”. He accepted that firms had not been quick enough to alter their selling behaviour, whilst pointing out that 20 firms had been fined about £12 million during the FSA's crackdown.
Last week, the Financial Ombudsman Service (FOS) revealed that it has received 25,000 complaints about PPI so far this year.
