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PPI scandal 'harmed reputation of sector'

The payment protection insurance (PPI) misselling scandal has unfairly harmed the wider sector's reputation.

This is according to consumer advocacy group Which?, which claimed the problems with this form of cover have been "well documented".

It argued the previous ten years have been characterised by the "widespread misselling of PPI".

Many recipients would have not known that they had this insurance or would never have been able to receive any cover from it, the organisation pointed out.

Executive director of the group Richard Lloyd recently criticised how long it takes to make a PPI claim, noting: "Too many people are still finding the claims process too lengthy - the banks must streamline the process to make it easier."

Other financial services highlighted by Which? as those the general public ought to avoid were those provided by payday lenders.

It stated these can result in exorbitant loan charges due to interest rates of over 1,000 per cent.

Furthermore, people who are already struggling financially are more likely to be attracted to these products than those who are more secure, the group remarked.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-801339626-ADNFCR

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