The Financial Services Authority (FSA) has today been criticised over the introduction of new comparison tables.
British Insurance claimed the tables, designed by the UK’s financial watchdog to help consumers get the best deal for payment protection insurance (PPI), will confuse rather than clarify.
Spokesman Simon Burgess said the number of potential variations made it impossible to work out the best deal, adding: “I welcomed the announcement of the FSA launching this service, but these indecipherable tables will be of no use to consumers at all.”
PPI is often offered to borrowers to insure against failing to keep up repayments should they fall ill or be unable to work. Previous FSA tables compared prices for
Earlier this month a report by the Competition Commission said that consumers in the UK were being vastly overcharged for PPI policies. More than £1.4 billion extra was being paid every year because borrowers were unaware that they could shop around for the best deal.
© Adfero Ltd