National Audit Office
Financial services mis-selling: regulation and redress
The Financial Conduct Authority cannot know whether its activities are reducing the overall scale of financial services mis-selling to consumers. The most prominent example of mis-selling is Payment Protection Insurance (PPI). Between April 2011 and November 2015, firms paid out £22.2 billion in compensation to more than 12 million customers who had bought PPI.
Published 24 Feb 2016
Value for Money
Department for Business, Energy & Industrial Strategy
Topics: Business and industry, Regulation
Recommendations
No recommendations are indexed here. The report itself may contain some: see the report on nao.org.uk, linked above.
Public Accounts Committee follow-up 1 report
The Public Accounts Committee examined this NAO report and made its own recommendations. The government replies to those in Treasury Minutes.