With the FSA and the Citizens Advice Bureau both admitting their concerns over the way PPI cover is sold, the CII has taken the decision to enhance and re-launch its learning package for practitioners offering the cover.
CII director-general Dr Alexander Scott said that industry failings and concerns had forced the institution to re-introduce its learning package after Clive Briault, FSA managing director for retail markets, conceded that selling practices for some sectors were poor.
Scott said: “Our new learning package is a contribution to redressing failures in the standards of disclosure and selling practices for PPI. We advocate that all practitioners in this field make use of it. In particular, the managements of authorised firms should ensure a re-assessment of those engaged in selling PPI,” he said.
Scott confirmed the learning package would cover the areas of claims, FSA regulation, suitability and the different PPI products available. Cancellation and refunds issues and external influences on the PPI market will also be discussed – a move welcomed by Shane Craig, managing director of Paymentcare.
Craig said: “Anything which promotes higher standards is good for consumers and if it can also assist in raising consumer confidence then that’s good for the industry.
However, Peter O’Donovan, mortgage manager at Bestinvest, was unsure of the benefits of the package. He commented: “Most people know what PPI cover is all about and the main issue is the pricing of it rather than the advice. While anything that focuses on the area is good, we need products that don’t cost up to £50 a month.”
