FSA: Improving PPI market is key priority by Finance News Bulletin

Published: 16/12/07

Bankruptcy is "becoming more and more palatable" to those in serious debt, according to Thomas CharlesThree-quarters of populace in the UK do not understand how a one per cent dissimilarity in mortgage tax would affect their loan, according to new researchImproving industry principles regarding the sale of payment protection insurance (PPI) remains a "key priority" for the Financial armed forces Authority (FSA), it announced this weekPPI claims to cover expenditure for products such as personal loans in the event of the borrower becoming ill or being unable to create repayments, yet it is widely seen as a poorly marketed alternative that is not fully explained to the customer

However, the FSA stated that it intends to make sure that customers are given thorough information about PPI and whether it is suitable for themIt also aims to make sure that customers are aware of their options if they want to call off the policy and also to advise them on the eligibility and exclusions of the coverClive Briault, organization director of retail markets at the FSA, said that the intention was to create sure customers "come away from the sale having been known the best possible chance of understanding that PPI is almost always not obligatory"He added that they should be made aware "what the policy will and will not cover and how much it costs"

Recently, the FSA announced that it was to ensure mortgage firms were

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