FSA and OFT have published their finalised guidance on payment protection products. The guidance contains key messages from FSA for FSA-regulated providers and distributors and from OFT for consumer credit licensees and applicants. FSA’s main concern is that firms must be aware of the risks of payment protection products and ensure that sound governance and distribution strategies are in place so the products meet the criteria of the target markets and do not create barriers to switching, comparing or exiting products. OFT is concerned about transparency and ensuring firms treat customers fairly and do not engage in improper business practices. (Source: FSA/OFT Joint Guidance on Payment Protection Products)