Buy your payment protection insurance with confidence
- 12TH MAY 2007
Payment protection insurance (PPI) has recently been called many names by the media and while sometimes justified, unfortunately none of them have been very flattering. However this might soon change for the better with the intervention of the Competition Commission who are investigating the whole payment protection insurance sector with a view to aiming some serious improvements.
This investigation was as a result of a referral by the Office of Fair Trading following their own investigation. The Financial Services Authority have also had a go at the sector and although several companies have already felt their wrath and have been duly handed fines, it is clear that the sector is far from perfect.
Indeed there are many issues that need still need resolving and it is hoped that the Commission will make recommendations..
One of the main factors which clearly needs attention is to make the product more consumer friendly. At present policies are hard for the consumer to understand as are the consumers’ rights when it comes to purchasing a policy.
The sales techniques which many companies use often leave a lot to be desired and there have been thousands of reports where policies are grossly overpriced. Along with this the actual amount of benefit you will receive is a sensitive subject, with many policyholders having exclusions within their cover, meaning that they will never be able to make a successful claim.
If you are looking to buy payment protection insurance then purchase your policy from a reputable and ethical company. British Insurance is one such company. Headed by the consumer champion Simon Burgess who believes in putting the consumer first, the company offers low cost, comprehensive cover, with easy to understand policy wording and friendly staff. If you want to buy with confidence then visit British Insurance.
