A fresh wave of compensation claims for the mis-selling of payment protection insurance (PPI) could be sparked by new guidance from the regulator to banks.
The Financial Services Authority (FSA) has told sellers of PPI to alert all customers to the possibility of a mis-sale of the product, making clear how they should respond and the time limits involved.
The letter must describe "the specific failings that led the firm to believe the customer may have been mis-sold" and be free of financial jargon.
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