Paymentshield U.K. Mortgage Payment Protection Insurance.
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Sales of regular Mortgage Payment Protection
Insurance generally compliant say FSA
Mortgage Strategy.co.uk
Clive Briault, managing director of retail markets at the FSA, has revealed
sales of regular premium Mortgage Payment Protection Insurance are generally compliant with Financial Services Authority rules,
although other sectors selling Mortgage Payment Protection Insurance are continuing to perform poorly.
In a speech at the Chartered Insurance Institute annual conference, Briault
said: "We have just completed a series of visits to look at Mortgage
Payment Protection Insurance selling
practices in firms ranging from high street banks to motor dealers and small
mortgage intermediaries.
"We are also undertaking mystery shopping work and will be feeding back the
results from the mystery shopping and firm visits later this year.
"Our findings from the firm’s visits are variable. Some firms demonstrated
good compliance with our rules - they were addressing problems that may have
existed in the past, such as checking that customers are eligible for the
policy before selling it.
"For example, we found that regular premium Mortgage Payment Protection
Insurance sold with prime mortgages
seems generally compliant with our rules. However, selling practices in
other sectors were very poor"
Graham Boulger, group commercial director at Paymentshield, says the
findings indicate that a Financial Services Authority review of Mortgage
Payment Protection Insurance selling might not be on the
cards.
He says: "This backs up what we have been saying for some time and hopefully
alleviates mortgage advisers concerns that there will be a wide ranging Financial Services Authority
review of Mortgage Payment Protection Insurance.
"There is no evidence of systemic mis-selling of Mortgage Payment
Protection Insurance but there is
reluctance from mortgage advisers to sell Mortgage Payment Protection
Insurance at the moment because of the
media attention focused on loan payment protection.
"What Briault says is absolutely true when he draws the analogy with travel
insurance.
"The Mortgage Payment Protection Insurance market is the only Mortgage
Payment Protection Insurance sector where there is open market
competition between lenders and intermediaries and this results in consumer
choice.
At the same time, the competitive pressures ensure that premiums and
commissions are kept at acceptable levels. The same cannot be said for loan
PPI."
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