Demand for Mortgage Payment Protection Insurance is still dwindling, but a new philosophy on debt waiver products could rejuvenate the market. Fiona Murphy reports.
National Counties Building Society has launched the UK's first ever mortgage waiver product, giving borrowers built-in protection from unemployment.
LifeQuote has predicted an increase in protection sales as a result of the MMR, as prudent lenders consider a borrower's ability to pay, not just as a result of employment issues but also ill health.
Mortgage Payment Protection Insurance (MPPI) was ‘caught in the crossfire' of the PPI scandal. With the market contracting to a handful of providers, Fiona Murphy asks, does MPPI still have a place for consumers?
Compensation and refunds related to mis-sold payment protection insurance (PPI) have reached £9.3bn, the Financial Conduct Authority (FCA) has said.
The Financial Ombudsman Service has raised concern about non-insurance products that look like PPI, amid many complaints confusing similar product types.
PPI controversy, opaque financial services and lack of trust in the industry are key barriers to widespread apathy about insurance protection, pensions and savings, Zurich has warned.
The majority of polled advisers have said FSA and Office of Fair Trading final guidance on short-term income protection provides complete clarity, amid recent concern over the PPI-style-product guidance.
The FSA has said it will provide further guidance on short-term income protection if it received individual demand for it, according to an attendee at a meeting with the regulator yesterday.
The FSA has approved consultation on Financial Ombudsman Service proposals to increase PPI case fees and overall levy to allow for more free cases, amid concerns about PPI complaint handling behaviour.
Short-term income protection sales are very close to stalling, a direct to consumer provider has reported.
The Financial Services Authority (FSA) has fined three Lloyds Banking Group firms £4.3m for system failings, that resulted in up to 140,000 customers receiving delayed payment protection insurance (PPI) redress.
The Financial Services Compensation Scheme (FSCS) has paid out £136m in mis-sold PPI claims since 2008.
The money banks have set aside for payment protection insurance (PPI) mis-selling compensation will run out by the end of the year, according to analysis from Which?
The FSA is considering proposals to introduce time limits for PPI complaints, as put forward by the British Bankers' Association (BBA).
The Money Advice Service (MAS) is still in discussions with the Competition Commission regarding the lack of Payment Protection Insurance (PPI) comparison tables on its website, the Association of British Insurers (ABI) has reported.
BBC's Watchdog aired concerns last night that the banks have not been honouring commitments to pay back missold PPI.
Consumers are being left unprotected because of one-sided "appalling" view of PPI, a product provider has said.
Two marketers acting on behalf of claims management companies have been fined £250,000 by the Information Commissioner's Office, in the first case of its kind.
Barclays Bank has overtaken Lloyd's TSB as the source of the most payment protection insurance (PPI) complaints, according to figures from the Financial Ombudsman Service (FOS).
PPI complaints have doubled in the first half of this year with up to 1,500 new cases each day, according to latest Financial Ombudsman Service complaints statistics.
LifeSearch has highlighted the need to seek independent protection advice in a BBC Radio Scotland debate.
The June FSA figures for PPI complaints show a drop for the first time this year.
A decision by HSBC to set aside a further £340m to fund payment protection insurance (PPI) compensation claims has taken the amount banks have now earmarked for PPI mis-selling redress to almost £10bn, a report says.