Five trade associations have produced a consumer guide to PPI .
The guide explains how PPI works and advises customers on what they need to ask the seller to ensure the product is suitable for them.
The organisations that produced the guide are the ABI, the British Bankers Association, Council of Mortgage Lenders, Finance and Leasing Association, and Protect – Association of Creditor Insurers.
The ABI and the Financial Sector Skills Council have also produced new standards for training PPI sales staff. The standards include policy terms knowledge, suitability to customer needs and how a customer can claim.
Stephen Haddrill, the ABI’s director general, says: “These latest initiatives build on steps already implemented by the industry, such as a commitment to giving refunds on single premiums policies if cancelled early and ensuring consistent interpretation in claims handling. As the FSA has said, this insurance provides valuable protection when sold properly.”
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