The Financial Services Authority’s (FSA) guidelines on Payment Protection Insurance (PPI) redress will be difficult for firms to meet, an industry expert has claimed.

Firms involved in the mis-selling of PPI will need to upgrade their systems and processes in order to achieve the level or remediation set out by the city regulator. The three-to-eight week window that the FSA has allocated to resolve a complaint does not look achievable without major investment in systems and process improvements.

Describing the guidelines as difficult to meet, it has been suggested the watchdog has underestimated the resources firms will need to address the problem and comply with its demands. Firms with dedicated complaints handling technology solutions were in a much better position to meet the requirements.

PPI redress has surpassed the £1 billion mark, with November 2011 seeing the largest monthly sum paid out to consumers at £379 million.

“In all cases it is the responsibility of the vendor to ensure the policy they sell is the right one for you at the time of sale. If you didn’t realise exactly what you were being sold and you have been paying for PPI premiums that weren’t fully explained, there is a chance you may have been mis-sold a policy,” said Sally Bowyer, Managing Director of Brunel Franklin.

Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.