FSA: Firms now selling regular premium PPI

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FSA: Firms now selling regular premium PPI

The Financial Services Authority (FSA) has announced that it has noticed an upswing in the number of firms offering regular premium payments protection insurance (PPI), instead of their single premium PPI product.

Recently the financial services industry regulator has been conducting an investigation into the sales of PPI and it says it has become concerned by the selling of single premium PPI products.

The FSA said that while PPI is especially important in the current climate, the selling process needs to be transparent so customers know what they are buying.

Jon Pain, the FSA's managing director of retail markets, said: "A PPI product can be helpful for customers wanting protection on a specific credit agreement, as long as the policy is sold appropriately."

The FSA recently fined Egg for using inappropriate sales techniques, including selling PPI to credit card customers who specifically said they did not want it.

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