Payment protection insurance comparison tables launched by FSA

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Payment protection insurance comparison tables launched by FSA

The Financial Services Authority has released tables to compare payment protection insurance (PPI).

Consumers can use the tables to shop around and find a PPI policy to suit their needs.

The tables are comprehensive, updated daily and do not recommend products.

Chris Pond, director for financial capability at FSA, said that consumer power needed to be strengthened to improve the PPI market.

He said that PPI is "almost always optional" and that consumers needed to consider their financial circumstances when deciding whether to purchase it.

The tables feature single and regular premium policies and details of exclusions and the management of pre-existing conditions.

Earlier this month, the Competition Commission released a report slamming PPI as giving customers a "raw deal" by overcharging them by £1.4 billion.

The commission's preliminary report found that there was a lack of competition and that PPI providers made it difficult for customers to compare policies or change to a better deal.
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