View more on these topics

Insurers agree to change online PPI sales

The FSA says product providers have agreed to change the way they sell payment protection insurance over the internet after it took action against them.

The regulator says firms were offering loans where PPI was included automatically, using techniques such as a pre-ticked box. It says this could lead to customers buying PPI without making an active decision to do so.

Firms have agreed to change this so the customer must actively choose to buy PPI.

Director, retail themes, Vernon Everitt says: “It will be up to the customer to actively choose to buy PPI rather than it being sold automatically.”

Paymentcare managing director Shane Craig says: “Resisting the powerful profit-driven force of the big firms is a tough job but the tide is now beginning to turn in favour of the consumer. It is still quite some time before the Competition Commission brings its inquiry to a close so this move will go a long way towards ensuring customers only buy what they want and what they can afford.”

The FSA is due to report on its latest investigations into PPI sales standards in September.

Recommended

School’s out for IFA

I was disturbed to read Professional Brief (June 21) and the criticism of IFAs by Filip Slipazcek. The sheer pressure and daily grind of trying to make a living while at the same time complying with an ever broadening legislative requirement, to say nothing of keeping up to date with the professional press and constant […]

Through the motions

What good are consultations if the Government has made up its mind?

LibDems planning 500k IHT nil rate

The LibDems have unveiled radical plans to cut the basic rate of income tax to 16p and almost double the inheritance tax threshold to 500,000.Speaking in London, leader Menzies Campbell also announced plans to reform the structure of stamp duty and replace council tax with a local income tax.To pay for the proposals, which the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com