FSA censures UK banks over unclear information

LOSSES & LAWSUITS

"The bottom line is that customers should come away from the sale having been given the best possible chance of understanding that PPI is optional, what the policy will and will not cover and how much it costs," says the FSA's managing director of retail markets Clive Briault. "On the strength of our findings, the industry has further to go to demonstrate that customers really are being treated fairly in this market."

The consumer banking industry has come in for sharp criticism from the UK government of late. Several months ago, credit card companies and banks were told to lower their fees for late payments. Fees for clearing bounced checks are also being examined.

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