New measures on payment protection insurance (PPI) market will ensure customers are treated more fairly when buying a policy.
Consumers that are buying PPI – which covers loan or debt repayments if you are not able to work due to accident, sickness or loss of employment – will be better protected under the changes.
The latest regulatory rules and guidance set out common sales failings to help firms identify bad practice when selling PPI.
The measures must be implemented by 1 December 2010, with the time until then used to update systems and procedures, and meet any resourcing or staff training needs.
The onus is now on the industry to ensure it treats all customers fairly. Regulatory bodies will be monitoring the implementation of the guidance closely to ensure real change is delivered.
Income protection insurance: News update: 8 September 2010