Post Office: Insurance provision should be transparent

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Post Office: Insurance provision should be transparent

Responding to a decision by the Financial Services Authority (FSA) regarding payment protection insurance (PPI), the Post Office has renewed its call for an open market on PPI.

Duncan Caesar-Gordon, head of protection products at the Post Office, said that providers should be honest with customers about their product options.

"Post Office research found that PPI linked to a loan can cost five times more than standalone PPI, saving on average £705 over the period of the loan," he explained.

Mr Caesar-Gordon commented that "many customers continue to have little understanding of PPI" and others do not even know they have agreed to it.

Aggressive sales strategies should be discarded in favour of communication and transparency, he added.

The Post Office introduced its lifestyle protection insurance in June 2006.

Today, the FSA announced that it had fined HFC £1.085 million, citing a variety of failings relating to PPI.
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