Good afternoon / 30.08.08
Consumer Home
Consumer Home
05 April 2006
The Association of Mortgage Intermediaries (Ami) has revealed its support for the de-linking of Payment Protection Insurance (PPI) from associated mortgage products and the de-bundling of PPI elements.
Results of a survey by Ami show that 92 per cent of respondents supported de-linking, which would mean that customers would be free to choose a PPI provider that is separate from the lender and so to compare the terms from different PPI providers.
Around 93 per cent of respondents supported de-bundling, said Ami, which would allow the various benefits associated with PPI, such as employment and accident protection, to be bought separately, as appropriate to the customer's circumstances.
"The PPI market is certainly in transition at the moment and it seems clear from our Intermediary Census results that Ami members are in favour of the development of fairer, more transparent products," said associate director of Ami, Rob Griffiths.
"Support for 'de-linking' and 'de-bundling' of PPI products was almost unanimous and the introduction of these changes will have a positive impact on the suitability of PPI as a protection product."
This week the Office of Fair Trading launched an inquiry into PPI products, following a super-complaint from Citizens Advice.
© Copyright Adfero Ltd
