ABI: PPI has never been a more valuable product

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Tuesday, 30, Sep 2008 12:00

Today the FSA have published their thematic update on the sale of Payment Protection Insurance (PPI). The insurance industry has been working hard to improve the sales of PPI so that customers can be satisfied they have a valuable product that is suitable for their needs during such uncertain economic times.

Nick Starling, Director of General Insurance and Health said:

“With increasing unemployment and over-indebtedness, it is essential that people protect themselves against losing their regular income. PPI is the only financial product that covers unemployment.

“Sales should always comply with regulation and we take the numbers of complaints seriously. We have proposed to the FSA that industry guidance should be produced in order to improve complaints handling. This should be done immediately together with the FSA, FOS and in dialogue with consumer groups.”

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Notes for Editors

1. Enquiries to:

Jonathan French 020 7216 7392 (Mobile: 07958 330 480)

Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)

Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)

Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

2. The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK’s capital. They are the risk managers of the UK’s economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.

3. An ISDN line is available for broadcasts.

Copies of all ABI news releases, together with other information from the Association, can be seen on our website http://www.abi.org.uk