From Sara-Ann Burgess
There’s nothing like prime time TV exposure to focus the mind and I expect the recent Tonight With Trevor McDonald programme to have big implications for the sale of payment protection insurance.
The big banks, which the FSA consistently shies away from naming and shaming for their mis-selling activities, have to face up to the fact that consumers are now armed with enough information to sniff out profiteering.
The revelation by financial guru Martin Lewis that consumers who shop around can secure PPI at one-tenth of the cost of those who don’t is guaranteed to result in red faces at high street lenders.
The publicity should enable mortgage brokers who become familiar with age-related products and other innovative PPI formats to capture a huge chunk of the market.
The extent to which the media should be allowed to intrude is a hot topic but we have just seen a brilliant example of how scrutiny can improve the lives of millions.