ABI And FSA In PPI Face Off
Payment protection insurance has been defended by The Association of British Insurance. the backing from The Association of British Insurance has come in the midst of Further scrutiny being piled on the product at the hands of the Financial Services Authority.
In a review, the Financial Services Authority stated that they had received negative feedback in relation to payment protection insurance, and were intent on increasing regulatory prevention in relation to such insurance policies. It is an initiative that is being implemented in order to eliminate poor sales practice.
The Financial Services Authority has the power to implement change, and that is exactly what they intend to do.
The Association of British Insurance were somewhat shocked by such a statement of intent by the Financial services authority, who stated in retaliation that the insurance industry as a whole has been trying to drive up the sales of payment protection insurance, in an attempt to give consumers valuable insurance policies that are of more significance now than ever, in view of the current economic climate.