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Legislation 'should reduce likelihood of PPI scandal recurring'

The Payment Protection Insurance (PPI) scandal and similar issues might not happen again as a result of legislative change.

This is according to DG Law founder David Gordon, who said prior to this issue, policy sales were "fairly generic and commission-based".

He argued this meant there was no particular reason for companies to ensure people received the best possible products.

However, the Financial Services Act has resulted in advisors, salesmen and others in the sector having to go through a "whole series of checks and set processes" when selling or informing customers of insurance, which allows members of the public to determine what the implications of a particular policy are.

Recently, Lloyds Banking Group announced it is reducing staff bonuses in light of the PPI scandal.

Mr Gordon suggested this may have been because there were "incentives and targets in place to cross-sell products".

This could have resulted in the institution failing to check whether people needed PPI or other policies before they were sold them, he stated, noting it would have been the executives for the company who carried out the business plan.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801301878-ADNFCR

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