Chief Executives now liable for mis-selling mortgage payment insurance cover
- 22ND DECEMBER 2007
One of the most recent firms to be fined for mis-selling mortgage payment insurance cover since the investigation began in 2005 was a mortgage firm.However not only has the firm been fined but the Financial Services Authority are now taking a step further and are fining Chief Executives personally.
New guidelines were set out by the Financial Services Authority (FSA) for selling payment protection products to make sure that the consumer got a better understanding of what the cover could and could not do. While some changes for the better have been seen many firms are still not making the consumer aware that the cover might not be suitable for their needs. This is because the cover is not suitable for all individuals due to the exclusions.
Sticking with an ethical independent provider such as British Insurance can help you to make the right choice when it comes to taking out mortgage payment insurance cover. They give the key facts in plain English and explain that if you are self-employed, suffer a pre-existing medical condition, are of retirement age or only work part time a policy might not be suitable.
Along with this British Insurance sell quality products which can save you up to 40% in comparison to taking the cover alongside the mortgage. Cover would give a tax free income once you had been out of work for at least 30 days and then continue for up to 12 months.
Mortgage payment insurance cover could mean the difference between you losing the roof over your head or keeping it but you have to read the small print of a policy to determine if the cover would be in your best interests before you buy.
