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‘Ban banks from protection hard sell’

Paymentcare is calling for a ban on banks selling payment protection insurance to customers when signing a loan agreement because of concerns over misselling.

The call comes in support of the recent appeal by Citizens Advice to the Office of Fair Trading to launch a probe into the multi-billion-pound PPI industry.

Paymentcare managing director Shane Craig says the UK should switch to a US-style system where banks are not allowed to push PPI or ASU cover to borrowers when they are signing a loan agreement. He claims that this would greatly reduce the high incidence of misselling of expensive and often use- less cover.

A change in the Consumer Act would also help protect consumers by forcing lenders to add a disclaimer on all loan products, making it clear that PPI is not compulsory for borrowers, as well as an outright ban on single-premium payment protection policies.


Hat-trick for Money Marketing at ABI awards

Money Marketing scored another hat-trick at the 10th annual Association of British insurers’ awards ceremony last Wednesday evening. MM was voted best financial trade publication, reporter Andrea Tryphonides was named best life insur- ance trade journalist of the year and editor John Lappin picked up an award for excellence in financial trade journalism. At April’s […]

States of affairs

I am an American who is about to work in Bristol on a long-term contract for a financial services company. What financial plans do I need to make and how will I be taxed in the UK compared with the US?

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This week Corey Boles, a reporter at Dow Jones Newswires

Time to treat advisers like grown-up

Prior to placing business with product providers, I was obliged to furnish them with details of both my company and its registration with the FSA. Subsequent to obtaining notification of my agency number and the return of my signed agreement to their terms and conditions, I was accepted as a suitable person/company to introduce business […]


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