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Insurers Raising Payment Protection Insurance |
 The City watchdog has expressed concern that consumers with unemployment insurance are not being treated fairly.
The Financial Services Authority said a number of insurers had recently increased the premiums charged for mortgage payment protection insurance (MPPI) or reduced the level of cover offered by the product.
The changes come at a time when rising unemployment makes it more likely that people will need to claim on the product, which covers mortgage interest payments if holders are unable to work through accident or illness, or if they lose their job.
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MILLIONS of policyholders across the UK could be reimbursed for recent premium hikes in their mortgage payment protection insurance (MPPI) after the Financial Services Authority (FSA) demanded distributors pay back the rises.
In a letter seen by The Scotsman, the financial watchdog warned a number of MPPI providers that clauses allowing them to increase premiums and change the level of cover provided with only 30 days' notice were unfair and in breach of contract law.
MPPI covers payments in the event of accident, sickness or unemployment.
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Page 47 of 47 |
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