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PPI scandal 'creates opportunities for new policies'

Lenders have not been able to sell payment protection insurance (PPI) alongside a loan since April 2012, which has provided advisors with the opportunity to come up with new policies.

This is according to independent financial research firm Defaqto, which suggested these products could cover a percentage of the recipient's income, as well as repaying loan claims.

Furthermore, the new services could deal with the "wider protection needs" of clients, the body remarked.

"The point of sale prohibition of PPI actually presents real opportunities for advisers to capitalise in the income protection market," Defaqto Insight analyst for life and protection Ben Heffer said.

Advisors could use the fallout of PPI to analyse the remedies and findings of the Competition Commission, boost their income protection insurance possibilities, position their products alongside major objections to its sale and look into similar markets, the company remarked.

Previous Defaqto studies found 60 per cent of advisors think it is difficult to sell income protection to customers, while 38 per cent said it is too expensive for them to recommend and 39 per cent said clients could not afford the cost of it anyway.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801395083-ADNFCR

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