It was encouraging to see so many representatives of our industry come together to provide constructive and positive comments on the results of the OFT’s payment protection insurance (PPI) market investigation to date.
There has been much debate both in the national press as well as our own trade titles over recent months – some, but not all, useful in helping to move the industry closer to being able to ensure what the Financial Services Authority (FSA), OFT and every responsible insurer, lender, and intermediary wants: a sound product that represents a good deal for consumers.
The 24 August session demonstrated that the industry is committed to working with the OFT to address the issues raised in its study to date. While we believe some positive initiatives have already been introduced by the industry, there is undoubtedly a lot of work to be done. So, it was good to see the session giving priority to providing consumers choice and value for money.
The industry should fully support the OFT’s efforts and take the opportunities provided to give feedback and comment. Only by working together will we arrive at the point where mortgage payment protection insurance (MPPI) and PPI as a whole will no longer have a negative perception among consumers, but rather be seen as a valuable addition to their financial toolbox.
Yours sincerely
Adrian Fowler
Head of marketing
Assurant Solutions
