Get this: £4 billion of consumer money unfairly taken, 2 million Payment Protection Insurance (PPI) policies mis-sold, thousands of PPI claims, people have lost their homes and accumulated massive debts and yet the Financial Services Authority (FSA) won’t install qualification requirements for PPI sales people.

This news comes as the financial watchdog looks into the costs and benefits of requiring such qualifications for advisors of term assurance, critical illness cover (CIC) and income protection (IP). Why they aren’t including PPI is a mystery seeing as that’s the form of insurance that has been so grossly mis-sold. Maybe they’re relying on the new regulation stating lenders must wait seven days from a credit agreement to contact a customer about the insurance product. Or maybe they think the shift in public perception of the product is enough to protect future consumers, either way – we’d be a whole lot safer with qualified advisors on the end of the phone.

Related posts:

1. Mis Sold PPI Claims Reach Record Levels
2. Mis Sold PPI And Unfair Bank Charges Weren't Prevented Effectively By The FSA
3. Mis Sold PPI Adds To Record Level Of Fines
4. PPI Claims May Be A Thing Of The Past
5. PPI Claims Reach Record Highs