ABI: Industry agreement on refunds on PPI policies will benefit customers
Thursday, 29 March 2007
12:00 AM
The FSA's announcement today on refunds on single premium payment protection insurance (PPI) confirms steps the industry has taken to provide such refunds says the ABI (Association of British Insurers).
Nick Starling, the ABI's Director of General Insurance, said:
"Last year, insurers agreed to make an appropriate refund on single premium payment protection insurance whenever customers cancel their policy and have not made a claim, whatever their reason.
"Customers can check with the company that they bought their PPI through, or direct with their insurer, how much they would get back if they cancel the policy or repay the loan early.
"As the FSA points out, PPI can provide valuable protection. We are working on additional initiatives to further improve consumer understanding of this product to help everyone get best value for money."
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