The Financial Services Authority (FSA) has said that it has noticed an upward trend in the number of firms offering regular premium payment protection insurance (PPI), instead of their single premium PPI product.
The financial services industry regulator has been conducting an investigation recently into the sales of PPI and says it has been anxious about the selling of single premium PPI products. The FSA says that even though there is a great need for PPI in the current climate, the selling process has to be patently clear so that customers know what is being bought.
Jon Pain, the FSA's managing director of retail markets, said: "A PPI product can be helpful for customers wanting protection on a specific credit agreement, as long as the policy is sold appropriately."
Recently, the FSA fined Egg for using inappropriate sales techniques, including selling PPI to credit card customers who specifically said they did not want to purchase it.
Firms now selling regular premium payment protection insurance
Financial Services > Income lnsurance > News
Firms now selling regular premium payment protection insurance
Fri, 23 Jan 2009
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