Which? refreshes attack on PPI
www.moneynews.co.uk > Insurance > Which? refreshes attack on PPI
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Money News |
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Which? refreshes attack on PPI
Tue 14th Oct 2008
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Louise Hanson, head of campaigns at Which?, wrote that PPI is the most commonly offered protection product offered to consumers.
She said that this is because it is "a bad deal and it lets down the people who need it most".
Ms Hanson said PPI exploits the point-of-sale advantage for retailers and that consumers are often not made properly aware that it is optional and carries several exclusions, such as people over 65 or in fixed-term employment.
While the Financial Services Authority (FSA) has fined companies for mis-selling PPI, such as Alliance & Leicester which agreed to pay £7 million last week, Ms Hanson said fines do not compensate consumers.
Research by the FSA has also come to the same conclusions.
Which? launched several attacks on PPI in September, particularly for credit cards.
Its personal finance campaigner, Doug Taylor, slammed credit card PPI as "modern day snake oil - it's a useless product, expensive and poorly designed".
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