Consumer watchdog Which? says the results of the Financial Service Authority investigation on payment protection insurance is shocking and that it is not surprising news.
Mike Naylor, principal researcher at Which?, says: Which? has said for years that PPI on personal loans and credit cards are not being sold as they should be. The results of the FSA investigation are shocking, but not surprising, and confirm that many financial companies aren’t complying with the new regulations that have been in effect since January this year.
There’s a real danger that many people have been sold unsuitable policies, are paying more than they thought or don’t realise they won’t get a lot of their money back if they cancel the policy.”
He says: If you’ve taken out a loan, credit or store card check to see if you were sold PPI and whether it will pay out if you are unable to work due to sickness or unemployment.
If the policy does not suit your circumstances or you werent aware that you were sold it, you can complain to the company that sold it to you. If you are unhappy with how your complaint is handled you can go to the Financial Ombudsman.