PPI supported by the ABI
Nick Starling, the ABI’s General Insurance and Health director, has commented upon the publication of a report into Payment Protection Insurance (PPI).
The report, conducted by the Competition Commission, prompted Starling to say that whilst there had been some problems with PPI, the ABI had both recognised and remedied many of them.
However, Starling added that time was needed for the solutions found to bed in and take proper effect.
He also raised concerns that proposals put forward by the Competition Commission to try and resolve some of PPI’s difficulties could destroy the market, at a time when the economic outlook is uncertain.
Starling went on to say that the ABI would consider the full report in detail, and then give a detailed response to the report as a whole.
Measures designed to make PPI more transparent and place more information in the hands of consumers, in order to allow a more informed decision, has been supported by the ABI.
The ABI has urged that PPI not be judged retrospectively and that the changes made in recent times be taken into account when evaluating it.
Category: Insurance News
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