Around Half Of The 20 Million Loan Insurance And Mortgage Insurance Policies In The UK Could Have Been Mis-sold
There are around 20 million loan insurance and mortgage insurance policies in the UK and it is thought that around half of these could have been mis-sold. The mis-selling scandal came to the publics attention in 2005 when it both the Office of Fair Trading and the Financial Services Authority started investigations in to the sector. Fines were subsequently handed out to several well known high street lenders and providers of payment protection insurance (PPI).
The majority of those who received fines were high street lenders who were pushing the cover alongside a loan or credit card while giving out very little information regarding the exclusions. This meant the consumer was buying a product they did not understand.
However, it is important to realize that it is the poor selling techniques and lack of knowledge those selling loan payment protection insurance that have caused the problems with loan cover and not the actual policy itself. When bought correctly with the exclusions in mind loan protection can work the way it is designed to do and can...
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