New research from LV= reveals that 28% of mortgage advisers
are unaware that from 6 April 2012 they are not allowed to sell accident,
sickness and unemployment style insurance products including payment protection
insurance and mortgage payment protection insurance at the point of sale of a
mortgage.
The sales ban is part of the Competition Commission's PPI
order which outlines how PPI can be marketed to customers; how a PPI quote must
be laid out; and makes it mandatory for customers to receive an annual review
setting out the cost of PPI.
Mark Jones of LV= says, "The implementation date for these changes
is now less than a month away and will have a significant impact on the way
income protection products can be discussed when people are buying a mortgage.
It is worrying that many mortgage advisers are not aware of what they need to
review ahead of this ruling coming into force, or even that new rules will
apply."
Income protection insurance news: 14 March 2012
