The Financial Services Authority has announced the launch of free, impartial comparison tables for payment protection insurance on its consumer website.
The new tables are designed to help consumers who are thinking about taking out a payment protection insurance (PPI) policy to shop around and identify products that could meet their needs, said the Financial Services Authority (FSA). Whether the policy is to cover a mortgage, an unsecured personal loan, secured loan or credit card, consumers will be able to compare different products on offer.
The PPI tables, which are updated daily, will feature single and regular premium policies. As well as giving information on the cost of PPI, the tables will provide details of exclusions and how pre-existing conditions are handled, said the FSA.
Chris Pond, director for financial capability of the FSA, 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.