Biba welcomes FSA PPI Report
The British Insurance Brokers’ Association (Biba) has welcomed the findings from the third phase of the Financial Services Authority’s (FSA) thematic review of sales practices in the payment protection insurance market (PPI).
Biba said it supported both the FSA and Association of British Insurers’ (ABI) view that PPI is an important product that adds valuable protection when sold properly.
Unfortunately, firms were found to have made little progress with price disclosure and policy details as well as their consideration of the eligibility and suitability of a product. However, the FSA found improvements in standards in two areas in particular: informing the customer that the purchase of PPI is optional; and the
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