The Financial Services Authority (FSA) is publishing a set of tables and general information regarding Payment Protection Insurance (PPI), to help clients make the right choice by identifying policies that meet their needs, in an area that has been subject to years of controversy.
The sector has been plagued by stories of mis-selling policies and complaints from consumers who are made to feel obliged to take out the cover to secure their loan. The FSA want people to understand that PPI is seldom compulsory and also to be clear about the cover provided by a particular policy.
Payment Protection Insurance is designed to meet payments on mortgage, credit cards and personal loans in the event of the policyholder being unable to work because of illness and in some cases loss of employment.
The tables will be available on the FSA site and will be updated on a daily basis.
It has been estimated by the Competition Commission that insurers have been overcharging consumers for PPI cover by £1.4billion per year.
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