FSA to launch payment protection insurance comparison tables for buyers
MORTGAGE STRATEGY - 8TH OCTOBER 2007
The Financial Services Authority is launching comparison tablets for payment protection insurance from March 2008.
The initiative will be rolled out alongside the FSA’s ongoing investigation into payment protection insurance. The tables are intended for all consumers considering payment protection insurance.
Consumers will be asked a series of questions and the most suitable products will be collected and presented, with the results being saved or printed by customers.
An FSA spokesman says: “Comparison tables have been used for years and these are an addition to them. The lack of comparative information available to customers is one of the problems with the payment protection insurance market.”
Simon Burgess, managing director of Britishinsurance.com, says: “It’s a positive development. I believe the tables are likely to give brokers confidence and guidance when selling payment protection insurance.”
