From Sara-Ann BurgessThere has been much debate over how the insurance industry, regulators and trade bodies should tackle the payment protection insurance issue, its anti-competitive practices and flawed sales processes. While I applaud initiatives to drive up standards I’m frustrated but not surprised that no tangible solutions are being put in place. As it is a non-advised general insurance product, those selling PPI only need to meet the regulator’s training and competence requirements. There’s nothing mandatory laid down for PPI sales so providers can educate and train (or not) as they see fit. Those giving mortgage and investment advice require qualifications that are validated and approved by the Financial Services Skills Council, so why is the same not true for PPI? Lenders’ trade bodies point out that their members meet the FSSC’s qualification criteria but given that there are no formal exams for PPI sales, how can they measure their members’ competence? There is no national benchmark against which this can be judged. The Association of British Insurers says consumers need to be better informed about the policies they are buying but instead of relying on producing better point-of-sale material we should be focussing on the people who sell PPI. We need a standard qualification which would ensure greater emphasis is placed on competence and skills. This would result in fewer policies being mis-sold and ultimately a better reputation for us all. Sara-Ann BurgessDirector Britishinsurance.com By email
- Top trends
- Top trends
Pepper Homeloans, an Oakwood Group company, has completed a A$400m securitization of non-conforming domestic residential mortgage backed securities. Pepper Residential Securities Trust No.5, which comprised six tranches, represents Peppers fifth non-conforming securitization and its largest to date. The transaction was well supported by Australian, European and Asian investors with more than a dozen participating in […]
em-Financial has called on lenders to outsource more to packagers. Speaking a the Mortgage Summit in Jerez on June 21, Roger Morris, director at em-, says lenders could reduce their overheads if they sourced processes in a similar way that Rooftop Mortgages has. He adds that both the packager and lender would win financially, and […]
Mother Theresa’s youthful ambition was to be a mortgage broker. She planned to devote her life to finding the right home loan deals for struggling clients, helping them sort out their other financial commitments along the way.
Knight Funding is extending its flat rate 49 application fee and no valuation fee offer by three months to September 30 on all applications for Platform products excluding prime. Applicants would normally pay an application fee linked to the value of the property with a minimum charge of 200. The extension of Knight Fundings application […]
Two years since the process of auto-enrolment began, the looming re-enrolment deadline provides the perfect opportunity to assess whether the support you have in place, which may well have been hastily selected at the start, is fit for purpose. Johnson Fleming is holding a webinar on 10 September at 11:00 to discover the key issues and concerns you should consider when thinking about your current support options.
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