Which?: PPI still a major source of confusion

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Which?: PPI still a major source of confusion

Thu 9th Jul 2009

Payment Protection Insurance (PPI) is still proving to be a problem in the UK as many people are still being sold it unnecessarily, according to Which?.

Principal policy adviser at Which? Dominic Lindley said that despite the Financial Services Authority's efforts to regulate the selling of PPI, whether it should be offered to consumers or not is still questionable.

He added that there are also ongoing problems with bank charges, something currently being battled out in the courts.

"There are a number of consumers who are not getting good advice about products which are not suitable for them and IFAs performed much better than the advisers in banks and building societies," Mr Lindley declared.

According to the Financial Ombudsman Service website, complaints concerning the viability of PPI rose threefold during the 2008/09 financial year. Complaints relating to credit cards also rose by 32 per cent during this timeframe.

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