Mis Sold PPI Reclaim Info Pack
FSA study reveals that, of the 30 firms it investigated selling PPI with revolving credit (i.e. Credit and store cards and catalogues), unsecured loans and sub-prime mortgages and secured loans:
Around half of the firms did not take reasonable steps to make sure customers did not buy policies which they could not claim on or offered only very limited cover;
Advice on PPI was likely to be poor, with most firms not having systems in place to assess suitability adequately;
There was an over-reliance on product documentation at the expense of explaining the policy to the customer orally, with most firms selling by telephone not giving enough information about exclusions;
The quality and timeliness of product and price disclosure by some firms selling single premium policies was poor;
The level and structure of incentives and targets for sales staff might encourage mis-selling in some firms;
Training and competence of sales staff was not adequate in around half of firms;
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