AMI/AFB &quotdisappointed&quot by regulator’s PPI move

The Association of Mortgage Intermediaries (AMI) and the Association of Finance Brokers (AFB) have criticised the short time frame dictated by the FSA in its &lta href=&quothttp://bestadvice.co.uk/story.php?id=16745&quot&gtconsultation on revised complaint handling rules for Payment Protection Insurance (PPI)&lt/a&gt.

Robert Sinclair , director of AMI and AFB, said: “We have been involved in discussions with FSA on PPI for some time to ensure that intermediaries were providing the right solutions for customers. PPI remains a valuable protection product if constructed and sold properly. It is disappointing that we now have a truncated one month consultation and abbreviated implementation timescales that appear to breach the Government’s Code of Practice on Guidance on Regulation. These changes will be very difficult for thousands of intermediary firms to consider and evaluate in the time available. This is made worse as it dovetails with proposed Competition Commission changes.