View more on these topics

Flexible PPI product launched

Payment protection insurance provider MMS has launched a product designed to address some of the criticisms aimed at the sector by the Competition Commission.

In January the CC hit out at the industry for not having enough competition and providing insufficient choice for customers.

John McClay, director of MMS, says: “We have been working on our Keystone product for 18 months, so we started around the time of the CC’s initial investigation into the sector.

“It has been developed with recent regulatory decisions in mind.”

The product offers customers the ability to protect a basket of their usual regular monthly commitments while offering additional options including variable excess periods and accident and sickness and/or unemployment cover.

The product requires no under-writing at point-of-sale – a feature MMS says will be a significant benefit for selling agents.

McClay adds: “While Keystone is essentially a payment protection product it is also fully portable and flexible. And unlike most income protection policies, it covers involuntary unemployment.

“No prior underwriting is required and the product can cover up to 90% of clients’ net income to a maximum of £3,000.”


RBS commits £25bn to new lending

The Royal Bank of Scotland has pledged £25bn to new lending as it injects £325bn of dodgy assets into the Treasury’s Asset Protection Scheme.

Mortgage approvals rose in January

Latest figures from the British Bankers’ Association show the value of mortgage approvals increased from £7.3bn in December 2008 to £7.6bn in January 2009.

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]


News and expert analysis straight to your inbox

Sign up