Banks accused of offering poor advice to consumers
- 15TH JUNE 2007
The Financial Services Authority investigation into payment protection insurance (PPI) has yielded some interesting results in recent months. Not only have high street lenders and banks been accused of mis-selling payment protection insurance, they have now also been accused of offering poor advice to consumer regarding the protection offered by an individual policy.
Certain companies have actually launched their own mystery shopping campaigns to ensure that their sales advisors are carrying out Financial Services Authority guidelines and selling compliantly. Although they may actually be doing this, they are still found wanting when it comes to advice.
It has been revealed that the majority of sales people actually choose to sell the most convenient payment protection insurance type because they do not know enough about it to feel confident when discussing it with customers. Although they may be compliant, this means that consumers are still get a raw deal because they are not getting the advice that they need!
As a result of these findings, specialist payment protection insurance providers may actually be the best place to go if you are considering payment protection insurance. Payment protection specialist British Insurance does offer good quality advice because they want to ensure that their customers get the cover they need at a good price, as well as sound advice that they may find invaluable.
