British Insurance news releases
Read news releases from 2008 | Read news releases from 2007
British Insurance has always held the view, that where properly sold, Payment Protection Insurance (PPI) provides an invaluable financial safety net for those with loan and mortgage commitments.
Borrowers unable to make their monthly repayments, due to accident, sickness or unemployment, can claim on their policy and the insurance will continue to pay the loan or mortgage. It’s particularly beneficial if you do not have back-up savings to draw upon.
PPI offers peace of mind in these economically-troubled times and could make the difference between keeping and losing your home or having enough money to simply live on.
However, a number of financial organisations have mis-sold PPI, leaving many consumers with policies they will never be able to claim on. High Street lenders view PPI as a profit-generating policy, they have volume targets to meet (regardless of whether the policy is suitable or not) and sell this product at vastly over-inflated premiums, essentially pressurising consumers into paying thousands of pounds more than they need to.
For years, British Insurance has sought to expose the unethical selling tactics of the leading banks and building societies and has campaigned long and hard to break their monopoly and change the distribution landscape of this sector. The Company has worked alongside consumer bodies, the Financial Services Authority and the Competition Commission to lobby for change and ensure those responsible for PPI mis-selling are investigated.
As an independent provider, British Insurance has been criticised by its peers within this sector – organisations that would like to keep their selling by stealth approach secret. But British Insurance is at the forefront of issues facing this sector and will comment on developments as they occur.
Having heard of horrendous examples of consumers being ripped-off, British Insurance will continue to expose the failings of lenders and ensure consumers are aware that the sale of PPI is not tied into the offering of a loan, cheaper premiums with enhanced cover are available and that everyone has the right to shop around for cover.
The press releases document how British Insurance has, over the years, campaigned on behalf of consumers to secure a fair deal for all and highlighted the unscrupulous sales tactics used by lenders (and will continue to do so until the mis-selling scandal is properly addressed).
