The Association of Mortgage Intermediaries has provided the Competition Commission with evidence to aid its inquiry into Payment Protection Insurance.
At the hearing, AMI stated Mortgage Payment Protection Insurance is a valuable product if it is sold properly and explained the product is only part of a suite of products which meet consumers’ protection needs. AMI says good advisers will consider all options.
AMI also pushed for PPI to be de-linked from any credit arrangement claiming consumers should not be led to believe that they must buy PPI to access credit.
AMI director general Chris Cummings says: “Good advice begins with an assessment of the consumer’s attitude to risk together with a review of personal and family assets that can be called on if necessary.
“It includes an assessment of any employer’s scheme. An independent intermediary can also explain MPPI’s context within other protection products.”
AMI says it has set out clear requirements to guide its members on how to advise on MPPI.