UK Money News
23rd June 2008
FSA unveils comparison service for loans protection cover
Britons will be able to make more informed choice over their payment protection insurance provider when taking out a personal loan with a new online comparison service.
Launched by the Financial Services Authority (FSA), the tables have been devised to "help consumers who are thinking about taking out a PPI policy to shop around and identify products that could meet their needs".
To ensure they give the most up to date and accurate representation of the market, the tables will be updated daily, with users also able to clearly examine any exclusions which apply.
Chris Pond, FSA director for financial capability, said: "The FSA is committed to helping consumers make informed decisions about PPI and to shop around more effectively - the PPI tables are a key part of this.
"Improving the PPI market and the deal consumers receive is one of the FSA's top priorities, and central to this is enhancing consumer power in this market."
PPI has been the subject of mounting criticism recently with Which? claiming that millions of policies have been miss-sold, leaving holders vulnerable in the event of unforeseen events such as redundancy.
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