Pioneer calls for PPI destruction

Chief executive Andy Chapman says the product is poor value, has an unenviable record of paying out on claims, and benefits banks before consumers. But Chapman argues the income protection (IP) arena can learn from the PPI market, which he admits is more profitable and widely used. “The ABI aren’t doing enough to get rid of PPI for good,” he says. “It is a product that’s not really fit for purpose. “It costs a lot of money, doesn’t pay out on claims, and it’s the banks that are making a lot of money out of selling it.” The PPI industry has been subject to fierce criticism in recent mont...