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Broker Talkback

Is the FSA doing enough to clamp down on PPI misselling?

Yes 45%

No 55%

Yes “Hopefully it is but you can never be sure. We tend to sell a lot of protection on most of the mortgages we do.”

Glenn Malcolm, IFA Financial Services

No

“I do a lot of mortgages and I do not have a high regard for PPI and I think income protection is more suitable.”

Chris French, Chris French Financial

Yes

“I am pleased to see the FSA is addressing this issue as it has been a concern of mine for years.”

Andrew Robertson, Robertson & Co

No

“It is a very expensive product for what it is and is too easily added on and not explained properly. It is sold rather than advised.”

Philip Aspey, Aspey & Co.

Yes

“I think they are now doing enough but they were not before. It seems to be top of their agenda at the moment. Clients have been taken for a ride for too long. There is not enough advice on PPI and it is an important product.”

Mike Durkin, MKD Independent Financial Solutions

No

“It needs to do more. I struggle to see where singlepremium products are appropriate.”

Robin Taylor, RG Taylor & Associates

No

“Not only have the FSA not done enough of a clampdown on the misselling of PPI but I have come across no clampdown at all. It would not be the easiest thing in the world to do but you could regulate it. You would have to ask the FSA why they cannot be bothered to do it though.

Philip Stevenson, Director at Ark Financial Planning

No

“There have been two occasions where I have seen people fall victim to misselling of PPI, with one in person in being sold a product for £8,000 that he was guaranteed never to use as he and his partner would have got the full claim from their work anyway. This, and other examples, has made me completely anti-single-premium PPI.”

Colin Rothery, Regional Director at Throgmorton Financial Services, Money Marketing welcomes readers’ letters for publication. Letters should be sent to: The Editor, Money Marketing, 50 Poland Street, London, W1F 7AX.

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