The FSA has launched comparison tables for payment protection insurance (PPI) on its consumer website.
It says the free service, which can be accessed here, will help consumers considering taking out a PPI policy to identify the products best suited to their needs, and encourage them to shop around.
It follows months of criticism directed at the PPI market surrounding the issue of treating customers fairly (TCF).
Consumers can compare policies on mortgages, unsecured personal loans, secured loans or credit cards.
The FSA originally announced plans for the tables last year but they split the protection industry.
Some independent providers argued the tables would provide consumers with an unbiased picture of all the options available to them, and “not just the one their lender wants to sell them”.
But others said it remains difficult to compare PPI “like for like” and that independent financial advice will always be the strongest way to ensure consumers are treated fairly.
Chris Pond, FSA director for financial capability, says: “The FSA is committed to helping consumers make informed decisions about PPI and to shop around more effectively - the PPI tables are a key part of this.
“Improving the PPI market and the deal consumers receive is one of the FSA's top priorities, and central to this is enhancing consumer power in this market.
“PPI is almost always optional and consumers need to consider their own financial circumstances when deciding to purchase it and make sure they are clear about what will be covered.”
Earlier this month, the Competition Commission blamed a lack of competition in the PPI market for some of its struggles. It proposed banning its sale at the point of sale of another credit product.
The FSA tables, which are updated daily, will feature single and regular premium policies. As well as giving information on the cost of PPI, the tables will provide details of exclusions and how pre-existing conditions are handled.
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