Sales standards for payment protection insurance (PPI) products for mortgage deals will excel with tailored offers, says independent PPI provider Paymentcare.co.uk

Commenting on the recent announcement by the Financial Services Authority (FSA)* on the selling standards of Payment Protection Insurance (PPI),Shane Craig, managing director of Paymentcare.co.uk, said:

“The report clearly identifies the main culprits that have given loan PPI a bad name as those that sell single premium PPI alongside unsecured personal loans. But that certainly doesn’t apply to the mortgage intermediary community.

“The great news for mortgage brokers is, on the back of earlier FSA findings as well, that the sales of regular premium prime mortgage PPI are most likely to meet the regulator’s requirements. The report also acknowledges the overall high standards of PPI selling practices from mortgage dealers.

“But it comes as no surprise that the regulator is seeking to increase the level of fines,” added Craig. “This is because there are still many consumers that are being taken advantage of and as a result are not able to experience the top PPI sales service that the FSA want to see.”

“What the watchdog is really after is a real push from the industry to introduce a suitably tailored product that will provide a valuable protection for consumers.

Paymentcare.co.uk believes that this idea needs to underscore every mortgage broker’s PPI sales ethos.

Mortgage brokers that would like to find out more about the options open to them should contact Paymentcare.co.uk on 0870 428 4088.

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http://www.fsa.gov.uk/pages/Library/Communication/PR/2007/102.shtml