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Task force raises concerns over PPI reputation

A task force has suggested that the poor reputation of payment protection insurance (PPI) packages is having a negative impact on the uptake of other types of cover.

The Income Protection Task Force (IPTF) has called an urgent meeting with the leaders of income protection (IP) providers, as it looks to find ways to encourage more people to embrace IP policies, reports.

Co-chairman of the organisation Clive Waller told the news provider that the recent revelation that many banks and insurers mis-sold PPI to customers who did not need it has had a hugely negative effect on the wider insurance industry.

He stated that many people do not realise that PPI and IP are very different products.

"Sales of IP barely top 100,000, when we believe protection of income is the most important need that our industry can cover," he remarked.

Some banks - including Barclays and Santander - recently reported that their profits for 2011 took a hit because of the large number of compensation claims from victims of PPI mis-selling.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801292056-ADNFCR

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