A guide to payment protection insurance (PPI) that will be made
widely available to consumers has been launched by the Finance
& Leasing Association (FLA), in conjunction with the
Association of British Insurers (ABI).
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The guide, which explains the basics of PPI as well as what
consumers should look out for when buying a PPI policy alongside
taking out a credit agreement, can be found on the FLA website,
http://www.fla.org.uk/.
FLA direction-general, Stephen Sklaroff said: “As the FSA has
recognised, PPI provides valuable peace of mind to customers when
taking out credit agreements. But it needs to be explained
well.
“This new guide tells consumers in plain English what they
need to know. We hope that after reading this guide, well-informed
consumers will be able to ask the right questions and get the
insurance policy that suits them.”
Nick Starling, director of general insurance and health at
the ABI said: “This consumer guide is the latest in a series of
initiatives by the financial services industry. This new, more
detailed guide perfectly complements the shorter guide the ABI, FLA
and other trade associations published in the summer.
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By GlobalData “Insurers are committed to making sure that customers
understand what PPI does and doesn’t do. We hope these guides give
customers what they need to make an informed decision about
PPI.”
