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Home Finance News
FSA continues assessment of PPI selling |
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The Financial Services Authority (FSA) was prompted by the Office of Fair Trading (OFT) to undertake a review into the way some loans companies were promoting Loan Payment Protection Insurance. These policies are aimed at protecting someone with a loan in the event that they are unable to maintain their regular monthly repayments due to an illness or period of unemployment. The main concern of the FSA review is to ensure customers are treated fairly during the loan application process and that includes the provision of payment protection insurance if applicable. Protection insurance of this type is optional and loan applicants are quite free to take out their loans without this insurance in place. In fact the insurance policies available are sometimes not suitable for an applicant, for example if they are trying to cover repayments in the case of a worsening pre-existing medical condition. Most, if not all, policies will not provide cover in such a situation. Also periods of unemployment may only be covered if the claimant has already been in a job for a specified period of time. The other issue concerning the FSA is the ability of the applicant to cancel a policy and receive a refund if they decide they not longer need the cover and have already paid up front for a single premium policy. |
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