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PPI Claims: Payment protection insurance was 'overpriced, poorly designed'

Payment protection insurance was badly designed, overpriced and sold to people who really didn't need it, a leading consumer finance expert has said.

James Daley, editor of Which? Money, criticised the financial product, which has seen banks hit with thousands of PPI claims and potential payouts in the billions of pounds for mis-selling.

Speaking on the FT Money Show podcast, he said that concerns arose over the way PPI was being sold to consumers as far back as 1998.

"It was a poor product, poorly designed, overpriced and often sold to people who didn't need it or who could never claim on it," he said.

"One of the main problems with PPI from our perspective is that you couldn't claim for stress or back pain if you were off work for those reasons, yet those are the two most common reasons for being off work."

In its annual review for 2010/11, the Financial Ombudsman Service reported that most of the consumer complaints it dealt with during the year were to do with payment protection insurance.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking. ADNFCR-2776-ID-800550442-ADNFCR

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