The public may view all protection products as "toxic" following the payment protection insurance (PPI) mis-selling scandal, according to the chairman of the All Party Parliamentary Group for Insurance and Financial Services.
Jonathan Evans MP said consumers hear "the toxic 'p' word" which puts them off buying products. Banks have paid out more than £20bn in compensation for mis-selling PPI to customers, usually alongside another product. The Financial Ombudsman Service this week said it is still dealing with some 4,000 PPI-related complaints on a weekly basis. Evans said: "In meetings I have highlighted the great damage the word protection has had from the whole of the PPI scandal, and the tragedy that [it] has coincided with a time when probably more people have needed protection than ever before. "[...
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