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Broker Talkback

Do you agree with the Competition Commission’s decision to ban point of sale PPI?

Yes 88%
No 12%

No “I don’t think it is a good idea to ban it, people should be given the opportunity for it to be explained to them so they can make an informed decision. However, the banks should be taken to task over the way they have sold it.”

Jeff Parr, Safeguard Financial Management

Yes “It is an unnecessary pressure on customers who usually do not understand the product or how much it is costing them and may not even need it.”

Edward Wilson, Edward Wilson Financial Services

Yes “It has been badly sold in the past by people taking advantage of borrowers unfairly.”

Wendy Johnston, Yoredale Insurance

Yes “It was pushed onto them – sold as an afterthought at the end of the contact and that is not the way to do things.

Tim Brack, Mitchells

Yes “It tends to effectively pressure people into buying it without doing any research into alternatives.”

Stephen Rees, CBG Financial Services

Yes “It is completely missold, and leads consumers to believe it will give them better access to credit.”

Michael Price, Price Ferguson

Yes “I think people need to discuss it with a financial adviser so that they fully understand the policy before they buy it.”

Peter Brown, Asprey Harris

Yes “I don’t think it should be bundled up with other sales as the client needs to know the pros and cons so it should be part of an advised sale. It is as complicated as critical-illness cover.”

Robin Morgan, CES Independent Financial Servicesinvestment

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