Chief Exec's face personal fines for mis-selling a loan protection plan
- 17TH DECEMBER 2007
In 2005 the Financial Services Authority (FSA) handed out fines to many high street names for mis-selling loan protection. Today while some changes for the better have been seen many firms are still not adhering to the requirements set out when it came to making changes when selling the products. Now Chief Executives of some firms could face themselves receiving personal fines for mis-selling a loan protection plan.
Managing Director of ethical payment protection provider British Insurance, Simon Burgess, believes that all Chief Executives of companies who continue to sell policies without having the consumer’s best interest at heart should be prepared to put their hands in their pockets.
British Insurance sells a quality loan protection plan which can save you up to 80% on the cost along with making sure that you have all the advice needed to make an informed decision regarding the suitability of the product. There are exclusions which could mean that it would not be suitable for your circumstances, some of the most common include if you are suffering a pre-existing medical condition, are retired, self-employed or only work part time.
A loan protection plan from British Insurance would begin to give you an income which you would then use to continue repaying your loan repayments from day 31. The cover would then provide a tax free income for up to 12 months if it was needed but other providers ask that you are out of work for anything up to 90 days but can continue paying out for up to 24 months. If you want to be sure that you do get access to the vital information needed to determine if a policy is suitable for your needs then stick with a specialist provider such as British Insurance for peace of mind.
