PPI customers 'not getting fair treatment'
Published on : 27/09/2007
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Customers with personal protection insurance (PPI) have been warned they may not be getting fair treatment, according to the Financial Services Authority (FSA).
The FSA's report identified that some firms had more serious mistakes in the sales process, while 11 businesses have already temporarily stopped selling the cover in order to retrain staff on their products.
Discussing the findings, FSA's managing director of retail markets Clive Briault said the body was "extremely disappointed" with the results.
He explained: "The right PPI can provide valuable protection for consumers, but they are entitled to expect that they will be treated fairly by firms when they buy it.
"They must be told how this product works, what it covers, and how much it costs. At the moment, too many firms are not meeting these requirements."
The findings were released as Prudential launched its new PPI package.
PruProtection's chief executive Shaun Matisonn said the PruProtect cover was created in an effort to counter "the negative image" of PPI packages in the UK.
