The £2bn payday loans industry has been referred for a full-blown investigation by the competition commission over concerns that firms benefit hugely from loans that borrowers can't pay back on time.
The FSA has said it will provide further guidance on short-term income protection if it received individual demand for it, according to an attendee at a meeting with the regulator yesterday.
The Office of Fair Trading (OFT) and the Financial Services Authority (FSA) will be meeting with insurers and protection industry individuals to provide clarity on recent short-term income protection product (STIP) final guidance.
Firms distributing 'payment protection' products - such as short-term income protection - must ensure salespeople do not have inappropriate incentives to sell them, the Financial Services Authority (FSA) has stressed in new guidance.
The Financial Services Authority (FSA) and Office of Fair Trading (OFT) have postponed the publication of final guidance on payment protection products.