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New PPI regulations will protect customers

New regulations to control the sale of payment protection insurance (PPI) will protect consumers from hard-edged sales tactics, according to an expert.

Martin Bamford, chartered financial planner at financial services firm Informed Choice, claimed that proposed changes will remove the "pressured environment" consumers are subjected to when purchasing the policies.

Furthermore, they could also reduce the total volume of sales which are mis-sold, although he claimed this will not impact on the number of "suitable sales".

Despite greater regulation of the sale of PPI, complaints about the policies continue to dominate the list of financial disputes handled by the Financial Ombudsman Service (FOS).

Just under half (45 per cent) of all the complaints received by the FOS in the third-quarter of the year related to PPI, according to official figures.

"It will take some time for complaints figures to fall as a result of the new sales regulations, but these should have a big impact in reducing the number of unsuitable sales of PPI," Mr Bamford added.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking ADNFCR-2776-ID-800234144-ADNFCR

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