The British Insurance Brokers’ Association has lent its support to the Financial Services Authority’s announcement that its plans to strengthen sales practices in the Payment Protection Insurance market have entered a new phase.
Eric Galbraith, chief executive of BIBA, says: “It is important that consumers realise that they don’t have to take out PPI from the same place they get their loan from.
“There are competitively priced contracts, often with wider cover, available from the specialist insurance broker.”
He adds: “BIBA has been calling for action to be taken for sometime now to help eradicate poor sales practices in the payment protection market.
“We are therefore pleased that the FSA has decided to step up its supervisory activity in this area.”