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Insurer urges providers to be clear on PPI cover

A company has urged brokers to be extra careful when advising clients on payment protection insurance (PPI).

Leaders at Berkeley Alexander told that with recent statistics suggesting that levels of unemployment are on the rise, banks and insurers need to be extra careful that they are not mis-advising clients.

Indeed, managing director Geoff Hall suggested that policy providers need to ensure that customers fully understand the differences between PPI and mortgage payment protection insurance (MPPI), which are two separate packages altogether.

Many banks and insurers have landed themselves in hot water recently because they have mis-sold such policies to customers who did not actually need them as they were protected by other cover plans.

"MPPI and IP are essential products for a large sector of the UK population, and when sold properly will provide real peace of mind to clients," Mr Hall was quoted as saying.

Defaqto's banking specialist David Black recently told This is Money that many banks have been selling "useless" insurance packages to unsuspecting customers in recent years.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801270398-ADNFCR

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