Loan Protection Still Under Scrutiny With Over 4,000 Payment Protection Policies In 2007 Being Investigated
The headline is correct. Even though guidelines have been set out by the Financial Services Authority (FSA) since it began investigating the sector in 2005, the mis-selling of payment protection insurance (PPI) is still occurring as over 4,000 cases have been investigated in 2007. The worst however is the fact that this figure is double that of the year before which of course does nothing to restore the lost faith in the products. This is saddening, as loan protection, sold correctly, can be a very valuable product.
Many forget the real problem behind the mis-selling and blame such as loan protection for not doing the job it is designed to do. However it is those who sell the cover without the proper training who are at fault, not the cover. When bought correctly from an independent specialist provider it can work. Having access to the key facts is the key behind a policy that works, exclusions are what stop consumers from being able to claim and common ones include being retired, suffering a pre-existing illness or working part time. Of course there can be...
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