Cheap payment protection insurance still causing concern
- 4TH OCTOBER 2007
Payment insurance is still causing concern and some consumers have lost faith in what can be a very valuable product on which to rely if you come out of work after suffering from an accident, long term illness or through unemployment by such as redundancy. The problems that have been causing concern range from providers charging extortionate premiums for the cover, along with mis-selling policies to those who cannot hope to claim against them. However, cheap payment protection insurance can be found if you shop around and go independently for the cover with the specialist provider.
In 2005 the Financial Services Authority started investigating the sector and subsequently handed out fines to several well known names on the high street for mis-selling policies before the sector was referred to the Competition Commission. The Competition Commission are currently conducting an in-depth inquiry into the sector which is expected to reach conclusion in February 2009. However the Financial Services Authority haven’t given up and after the latest rounds of investigation which relied on mystery shoppers, have revealed that mis-selling through a lack of information is still occurring and now it is the Chief Executives of some of the major finance players which are receiving personal fines.
One person clapping their hands when the “bad guys” are found out and dealt with is one of the few “good guys” left in the cheap payment protection insurance sector, Simon Burgess. Simon is Managing Director of British Insurance one of the most ethical specialists in payment protection. Simon has always been for the consumers best interest and any step in the right direction which can restore faith in the sector he applauds. British Insurance sells quality payment protection products of which cheap payment protection insurance is one and can save you up to 80% on a policy which can give you peace of mind that you would have an income after you had been out of work for 30 days. Cover would continue to provide you with a tax free income for up to 12 months and with some providers for up to 24 months.
It is essential that you remember that it isn’t cheap payment protection insurance that has been the problem but the poor selling techniques used by unscrupulous providers wanting to benefit from huge profits. When bought correctly from a standalone provider it will do the job it’s supposed to do.
