Payment protection insurance still needs changes for the better
- 26TH DECEMBER 2007
Payment protection insurance is still being mis-sold in 2007 despite the ongoing investigation by the Financial Services Authority (FSA) and fines being handed out. In 2005 the investigation began into the payment protection sector after a super complaint from the Citizens Advice to the Office of Fair Trading and requirements laid out for the changes needed to be made when it comes to selling.
Despite all this and it has to be said, some changes for the better having been made, it has come to light that over 4,000 cases of mis-selling have been looked into in 2007. Clearly many more changes need to be made and one of them will be the introduction of comparison tables in March 2008 when it is hoped that the products will be made more transparent for the consumer.
Payment protection insurance is a term used for mortgage, loan and income protection and when bought correctly all can give an income in the case of the policyholder becoming out of work through accident, sickness or unemployment. Mortgage insurance will make sure you have the money to repay your mortgage each month, loan protection gives you an income for your loan repayments and income protection your essential outgoings.
If you want to make sure you are not mis-sold the cover and get the cheapest quotes then shopping with specialist British Insurance is a must, British Insurance sell payment protection insurance that start paying out after being off work for 31 days and then carry on giving a tax free income for up to 12 months.
There are still many problems associated with the selling of payment protection insurance but providing you stick with a specialist you will get access to the key facts and exclusions so you are able to make a much more informed choice regarding suitability.
