The Income Protection Task Force has criticised the FSA for not featuring income protection in its payment protection insurance comparison tables.
Taskforce member and claim consultant Karin Lloyd says the FSA should have highlighted the fact that income protection is often a more suitable product than PPI.
Consumers have to fill in a questionnaire before they can view the tables but it does not ask how long you want the product to pay out for. The benefit period is much shorter for PPI, generally one to five years, while income protection can pay out for up to 25 years.
Lloyd says: “Before it goes into the details of different PPI policies, shouldn’t the FSA be querying whether PPI is the most suitable product? It seems to be promoting one side of the industry more than the other.”
An FSA spokesman says: “There are obviously similarities between the two products but we wanted to keep these tables devoted to PPI so as not to confuse consumers. There is information about income protection on our website.”