ABI strives to make PPI 'more transparent'

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ABI strives to make PPI 'more transparent'

Thu 12th Apr 2007

The Association of British Insurers (ABI) has announced that it is attempting to improve the transparency within the payment protection insurance (PPI) market.

According to a spokesperson for the ABI, Malcolm Tarling, it will also be necessary to improve understanding of the product among consumers.

He said that while the first aim of the consumer should be to "protect their debt", the group's second aim should be to ensure that PPI sellers "do everything they possibly can to ensure that the person understands exactly what the product is they are considering buying".

However, Mr Tarling commented that competition was increasing within the PPI market.

The ABI's comments follow the announcement by the Financial Services Authority in January 2007 that it would be seeking to improve sales standards in the PPI market.

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