BIBA boost for payment protection insurance
MORTGAGE SOLUTIONS - 12TH FEBRUARY 2007
The British Insurance Brokers’ Association (BIBA) has launched a new range of payment protection insurance products, to encourage brokers to sell the product, following recent negative press.
In January, the FSA announced its investigative work into payment protection insurance would form part of one of its largest ever thematic reviews, after a Mortgage Solutions campaign, launched last year to ban single premium protection insurance.
Commenting on the products, Eric Galbraith, chief executive of BIBA, said nervousness surrounding payment protection insurance products offering brokers an excellent opportunity to seize market share. He commented: “The key here is to make consumers aware that this is a valuable product, and they can buy it from sources other than the lender.”
Paul White an adviser at Belgravia Insurance Consultants, agreed that payment protection insurance products needed an image overhaul, adding: “Irrespective of the merits of products from individual providers, they have all have been tarred with the same brush.”
