Planet Insurance: Income Protection transparency

At the end of November the Competition Commission consulted on its draft Order to address consumer detriment in the PPI market. And in December the Treasury started a consultation to develop simple financial products – including protection. It is essential that the two consultations are not seen in isolation. This is especially important for income protection insurance which could, with a proper quality standard, take up much of the space currently occupied by MPPI/PPI products. Despite its problems MPPI/PPI was the biggest mass market ‘income protection’ product around. The OFT’s report...