The comparative tables have been developed in order to help consumers shop around for PPI, as the FSA believes there is currently too little information available.
They are intended for all consumers thinking about taking out a PPI policy to cover a mortgage, unsecured personal loan, secured loan, store card or credit card.
By answering a series of questions, consumer will be able to tailor the product to their needs then see a table of products that they can refine, sort and shortlist in order to pick the most suitable policy. They can compare this with any PPI product offered by the provider of credit.
The PPI table will feature single and regular premium policies (including single premium policies for non-conforming mortgages), products from standalone providers and PPI linked to secured and unsecured personal loan products.
As well as giving information on the cost of PPI, the tables will give details of exclusions for PPI policies. They will also give information about how pre-existing conditions are handled, and if any additional cover is available within the PPI policy.
The FSA has made PPI one of its top priorities and currently offers borrowers seven tables on PPI including annuities, mortgages and savings accounts.
Improving the PPI market and the deal consumers receive is one of the top priorities for the FSA's retail work. The FSA recently published the findings of it most recent review of PPI selling standards.
More information about the new PPI Tables is set out in a Response Paper published today to Consumer Bulletin No 8 published in July 2007 which discussed issues around the creation of new comparative tables for PPI.
