The provider believes many brokers are still wary of the product following the bad press last year, despite this mainly being around PPI rather than MPPI.
Though the economy is slowly recovering after the recession, the reality of unemployment is still all too real. In the three months to January 2010, the unemployment rate fell by 0.1% to 7.8% according to the Office for National Statistics (ONS) but this still left the number of people who were unemployed at a staggering 2.45 million. In addition, Credit Action recently released statistics revealing that 1,841 people are made redundant every day.
Paul Firkins, sales director, said: “It’s great that we’re starting to see the slow signs of recovery from the recession, but as the Credit Action stats show, there’s still a long way to go. The number of people who were unemployed at the end of last year is shocking and it’s concerning to think how few of those were likely to have adequate cover to help them through the tough time of losing their job. The harsh reality is that thousands of people are still being made unemployed every week and we believe that it’s up to the brokers to raise awareness and help ensure their customer’s are protected incase the worst happens.”
