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Which? welcomes PPI law changes

Consumer advocacy group Which? has welcomed new laws relating to payment protection insurance (PPI), which came into force on April 6th.

It will now be illegal to sell PPI at the point-of-sale, such as when giving a customer a mortgage, credit card or unsecured loan.

Instead, the cover can only be sold to an individual when a personal quote has been given or seven days after the credit product was provided.

Furthermore, companies will have to give personal PPI quotes, giving details about the policy and its overall cost, as well as provide information in advertisements about payment protection, ensuring people realise it is optional.

Many of these services were missold, meaning men and women might have to pay significant sums of money on policies without ever being able to make a successful PPI claim, Which? argued.

Insurance expert for the organisation Martyn Saville said: "The misselling of PPI has been scandalous and these provisions will help avoid future problems."

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-801335920-ADNFCR

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