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Citizen's Advice Bureau welcomes PPI policy

Citizen's Advice Bureau welcomes PPI policy

- Wednesday, 11 August 2010

The Citizen's Advice Bureau has welcomed the statement by the Financial Services Authority (FSA) regarding payment protection insurance (PPI), as it could help those with debt problems.

On August 10th, the FSA announced that a new handbook would be published that gives guidance to consumers about making a complaint regarding mis-sold PPI and how firms should handle them.

Peter Tutton, Citizen's Advice debt policy officer, said that the charity welcomes the fact that the FSA are taking decisive action against PPI.

He said: "Evidence from our CAB network has consistently shown that too often consumers have been mis-sold PPI policies that are far too expensive and completely unsuitable for their needs, often contributing to debt problems."

Therefore, if consumers are protected from being mis-sold PPI they are less likely to need debt help in the future.

Mr Tutton added that the PPI market has been broken for a while and consumer confidence can only be restored if they know their grievances will be redressed in the correct manner.
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