The FSA said in a statement today: “Our key priority is to ensure consumers are protected, so the FSA Board would need to be convinced that any proposals would be in the interests of consumers.
“We have had initial discussions and are prepared to consider the merits of this and other options. A key consideration will be the potential to get compensation to more consumers, more quickly.”
The BBA’s proposals include a “sufficiently widespread” advertising campaign funded by the banking industry to raise consumer awareness of the PPI issue and how to complain.
The FSA is continuing discussions with the BBA and seeking opinions of consumer groups and other stakeholders.
The FSA confirmed no changes to existing FSA, or future Financial Conduct Authority (FCA), rules would take place without a full public consultation.
