Lack of MAS PPI comparison tables proving "very difficult" - ABI

clock

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.

Karen Evans, protection policy adviser at the ABI, said of the tables that have been down since June, that it was proving "very difficult" to get information on what was happening.

She said: "Following recent contact with MAS I was told that it is still in conversation with the Competition Commission. The issue is that providers are still providing the data which is not being used and are still signposting to the tables in marketing material in the knowledge that the tables are not available to consumers.

"The providers have made their concerns clear and I am trying to find out more information for them. The Competition Commission specifically said providers have to offer this material."

The MAS released a statement in response that said: "Our comparison tables have included PPI products, and in light of regulatory and consumer concern over payment protection products, we're currently reviewing what's best for our customers.

"We're continuing our discussion with the industry about the best way to present this information in the future. Meanwhile, our website offers substantial content - features and articles - about PPI, to provide comprehensive guidance and advice about this type of product".

PPI providers are required under the Competition Commission's PPI remittal order to provide information for comparison tables and to signpost to them.

It was one of the remedies published by the Competition Commission to enable consumers to shop around and create competition.

The ABI has also been working with the MAS to try and improve product guides including language and focus.

According to the ABI, the MAS's PPI guide has been improved in this area.

Author spotlight

Nicola Culley

More on MPPI

MPPI: The new generation is at your door

Demand for Mortgage Payment Protection Insurance is still dwindling, but a new philosophy on debt waiver products could rejuvenate the market. Fiona Murphy reports.

clock 01 September 2014 • 8 min read

UK's First Mortgage Waiver Product Launches

National Counties Building Society has launched the UK's first ever mortgage waiver product, giving borrowers built-in protection from unemployment.

clock 15 July 2014 •

MPPI: Caught in the crossfire

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?

clock 04 September 2013 • 8 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read