Consumers 'needed PhD' to understand PPI

Christine Farnish, chairman of the group, called on financial services to make retail financial products available to ordinary consumers "in a way that is understandable to them". "It's got to be clear, simple and accessible, not in jargon. Doing something about the way products are presented to people is very, very important." Farnish said research carried out by the group showed that only those with a PhD level of education were able to understand the complex terms and conditions of PPI policies. Compensation and refunds related to mis-sold PPI have reached £9.3bn, the Financial ...