England 16/12/2012- Following a joint consultation the FSA and Office of Fair Trading are due to release a new paper on PPI
PPI has had a bad rap after hundreds of thousands of people were mis-sold Payment Protection Insurance over the course of the past decade or so. Unsurprisingly sales of this insurance have plummeted since the scandal emerged. However, there is definitely still a need for this kind of insurance. Many consumers really need this kind of insurance. In fact, the need for Payment Protection Insurance has grown rather than shrank.
The current economic climate means that people are at risk of losing their jobs or income. Those without a good PPI policy run the risk of losing their homes. However, no one want to see the problems of the past repeated. Therefore, the FSA and Office of Fair Trading are publishing new guidelines to help ensure consumers can shop around easily for the best PPI deals. It will also help firms who produce these insurance products to come up with suitable products and avoid the pitfalls of the past.
Hundreds of PPI claims still outstanding
However, in the meantime, there are still hundreds of thousands of consumers who are yet to claim for mis-sold PPI policies. They are amongst the millions who were mis-sold these policies in the past. Some have only just realised that they have been victims because the name of the product that they were sold was slightly different. Some companies called their PPI policies, Loan Protection Insurance (LPI) or Accident, Sickness and Unemployment Cover (ASU). Other consumers have not realised that they can claim for policies that were taken out with new credit cards, rather than loans and mortgages.
However, the number of people who are claiming for PPI policies that they have been mis sold is growing all the time. Most of them are getting help with their claim from companies like Canary Claims. The fact that the whole process is taken care of really appeals to today’s busy people. Many find the idea of dealing with the financial institutions that mis-sold them the policies just too daunting, so prefer to get help with their claims.
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