Payment protection insurance selling practices improving, industry figure claims

Thu, 12 Apr 2007

Selling practices for payment protection insurance deals are "improving", according to a representative of the Association of British Insurers.

The comments from the trade body, which represents the interests of insurance companies across the country, come after the Financial Services Authority confirmed earlier this year that it was launching a fresh crackdown on sales standards for payment protection insurance cover.

Among steps that the authority plans to undertake, it is embarking on a host of spot-checks of companies that sell the insurance product as well as revisiting sellers whose activities have previously been brought into question by consumers.

Now, Malcolm Tarling, spokesperson for the Association of British Insurers, has claimed that the standard of selling has got better over recent months.

"It's improving over a period of time," he said.

"The industry has been very working very proactively . over the last 18 months to better improve the way in which consumers understand the product."

Payment protection insurance cover can be taken out to protect against an unexpected loss of income by the policyholder.

For instance, if an insurance customer is forced to take a pay-cut at their current job, they may be entitled to receive contributions towards their mortgage or personal loan repayments from the payment protection insurance company.

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