ABI wants payment protection improvements
- 27TH MAY 2007
Transparency within the payment protection insurance (PPI) sector needs to be dealt with, according to the Association of British Insurers. Malcolm Tarling, spokesperson for the association said “it will also be necessary to improve the understanding of the product among the consumer”.
Mr Tarling went on to say that while it was up to the consumer to do everything possible in order to protect their debt, they should also ensure that they understand what they are actually buying when it comes to payment protection insurance.
Sadly, as the steadily rising number of compensation claims show, the vast majority of consumers are easily mis-led and sometimes conned into purchasing a policy which they cannot possibly hope to claim on, should they find the need to.
Mr Tarling continued that competition in the market was increasing, which is a positive step for consumers. Meanwhile, the Competition Commission’s investigation into the payment protection insurance sector carries on, and there is much to warrant it doing so.
The market, says industry expert and MD of British Insurance, Simon Burgess, is currently rife with price inflated policies, “dodgy” sales practices and general confusion for the policyholder. He recommends that consumers shop around for their cover and always make sure that they fully understand the cover on offer. “Check the exclusions section too” he advises “as common ailments such as a bad back or stress are, in most cases, not covered by most payment protection insurance policies”.
British Insurance is one of the best ways to get your payment protection insurance and Simon is a staunch believer in putting the consumer’s interests before profit. This is a fact that he has made known on several occasions and will probably continue to do so well into the future. Along with a quality product the site also gives free advice on aspects of payment protection insurance.
