Brokers are well placed to restore confidence in PPI

From Simon Burgess

The time is right for mortgage brokers to tap into the public discontent over the sale of payment protection insurance and at long last take their share of this market.

They may even be able to change consumer perceptions and promote the fact they have a choice.

Brokers are well placed to sell PPI. They have the skills and talent as well as the understanding in identifying their clients’ needs. Most importantly, they are able to provide a personal service.

There are swathes of disillusioned customers questioning whether the mortgage and loan protection policies they hold are right for them, plus many more who are considering purchasing one of these products.

Brokers should be seizing the moral high ground and making the most of the opportunities that have been presented to them.

Given the current climate, mortgage brokers are well placed to restore consumer confidence in payment protection insurance.

The FSA recently stated its view that “when properly structured, explained and sold, PPI can provide worthwhile cover for consumers against unexpected changes in their personal circumstances”.

That’s our cue. While high street lenders shuffle about uncomfortably at the prospect of customer discontent and further investigation, let’s ensure their pain is our gain.