Start date: 1 November 2011
Closing date: 13 January 2012
The OFT and the Financial Services Authority (FSA) are jointly consulting on proposed guidance to firms in relation to payment protection products.
These are products designed to meet similar consumer needs to payment protection insurance (PPI), and include debt freeze and debt waiver offered as part of a regulated consumer credit agreement or mortgage.
The proposed guidance is a result of joint working by the OFT and the FSA in the light of the Competition Commission's market investigation into PPI and emerging concerns about new protects and practices.
The OFT's part of the proposed guidance sets out how the OFT considers the Consumer Credit Act 1974 (CCA) applies to payment protection products, and what firms can do to ensure compliance with the CCA. It also sets out examples of business practices which the OFT is is likely to regard as unfair or improper (whether unlawful or not) and may cast doubt on fitness to hold a consumer credit licence.
Team leader: Martin Goulden Tel 020 7211 8702, martin.goulden@oft.gsi.gov.uk
Project director: David Philpott Tel 020 7211 8923, david.philpott@oft.gsi.gov.uk
Senior responsible officer: David Fisher Tel 020 7211 5890, david.fisher@oft.gsi.gov.uk
Media enquiries
Any media enquiries should be directed to a member of our Press Office.
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