In 2005 the Financial Services Authority (FSA) began investigating the payment protection insurance sector and subsequently handed out fines to several well known firms on the high street for mis-selling payment protection products. Recommendations were made for selling the cover and some changes for the better have been seen, however recently the FSA handed out a fine not only to a firm, but also the Chief Executive for failing to follow the proper procedures when it came to selling mortgage insurance.
The company was found to have sold 2,000 policies to consumers remortgaging while putting them at a high risk of being mis-sold their policy and were the first firm to receive not only a company fine but also where the Chief Executive had to put their hands in his own pocket.
However, the negative publicity that mortgage payment protection insurance (MPPI) has attracted does not do the product justice. Mortgage insurance, when taken out correctly and understood after being given the key facts and exclusions, can be an excellent safety net on which you can fall if you should lose your income. If you were to be out of work after suffering from an accident, sickness...
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