PPI has never been a more valuable product

The FSA have published their thematic update on the sale of Payment Protection Insurance (PPI). The insurance industry has been working hard to improve the sales of PPI so that customers can be satisfied they have a valuable product that is suitable for their needs during such uncertain economic times.

Nick Starling, Director of General Insurance and Health said: "With increasing unemployment and over-indebtedness, it is essential that people protect themselves against losing their regular income. PPI is the only financial product that covers unemployment.

"Sales should always comply with regulation and we take the numbers of complaints seriously. We have proposed to the FSA that industry guidance should be produced in order to improve complaints handling. This should be done immediately together with the FSA, FOS and in dialogue with consumer groups."