Press Release Summary: The financial regulator will publish comparison tables for borrowers who want to take out payment protection insurance policies.
Press Release Body: London (loans-bazaar) November 2, 2007: The Financial Services Authority will provide comparison tables for payment protection insurance on its website. Earlier, the research carried out by the financial regulator and other consumer bodies like Citizens\' Advice and the Office of Fair Trading revealed that these insurance policies were being widely mis-sold to the innocent borrowers.
The payment protection insurance is meant to help borrowers making repayments on mortgages, secured loans and personal loans. Should a borrower fail to repay the instalment due to illness, accident or unemployment; the policy will ensure that the repayments are maintained without any default.
The research carried out by the consumer bodies reveals that many borrowers have bought the insurance policies when they do not need them either because they do not qualify for protection or because the policies are not fit for them with exclusions in the small print.
The regulator's plan to publish advice on purchasing of payment protection insurance policies is directed at bringing more transparency to the thousands of borrowers seeking to insure their repayments. The comparison tables would be available on the website of the FSA from March next year.
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