The finance industry regulator said that it will take a stern action against those firms who fails to follow its guidelines over loan insurance.
London (online-unsecured-loans) September 27, 2007: The Financial Services Authority threatened strict action against those firms who are found not treating the customers fairly when selling loan insurance. The regulator has already taken enforcement action against 10 firms since last September for not meeting the standards over sales of Payment Protection Insurance policies.
Clive Briault, FSA Managing Director of Retail Markets said: "While some progress has been made by the industry, we are extremely disappointed that some firms have still made little progress in improving their sales practices. We will now strengthen our action against firms who fail to treat customers fairly when selling PPI."
Many lenders offer PPI to cover the repayment of loans without providing enough information to the consumers to enable them make an informed decision. PPI helps in securing repayments for unsecured loans, mortgages, etc. These policies cover your repayments in the event of injury, unemployment, death, etc.
Around 7 million PPI policies are taken out each year, making it imperative for the lenders to impart correct knowledge and information to the consumers.
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