UK regulator explores payment protection

Regulatory update

The UK Financial Services Authority is exploring the prices charged for payment protection by financial services firms on various products. This investigation follows one earlier this year, which saw firms being forced to reduce the amount of money that they are collecting in late payment fees on credit cards. In early August, the regulator published proposals from industry trade associations for reforming the payment protection market. Those proposals can be found at:http://www.fsa.gov.uk/p