Nov
16
2010
Those with umbrella companies 'may benefit from PPI rules'
Posted by John Crawley
Umbrella company contractors may be interested to hear that rules which are been planned by the Financial Services Authority (FSA) will only cause wasteful sales of the payment protection insurance (PPI) to fall.
This is according to Martin Bamford, an independent financial advisor, who believed that these rules will not affect the volume of suitable of sales of PPI, just those who are miss-sold the product, Compliancy Services reported.
As a result, the numbers of sales for this product will likely fall, but in a way which could prove to be a positive measure for contractors with umbrella companies who are looking to get a PPI out.
Mr Bamford explained: "They will protect consumers from the worst of the sales tactics often deployed by the banks and other organisations to sell PPI in a pressured environment."
The FSA has been pushing to get these rules through so that firms can be governed into future complaints surrounding miss-sold PPI.
Recently, PPI.co.uk has reported that the controversial surrounding this type of insurance could become the UK's worst financial scandal, believing it could possibly be worse than personal pension and endowment miss-selling which graced the country in the past.
Umbrella company contractors may be interested to hear that rules which are been planned by the Financial Services Authority (FSA) will only cause wasteful sales of the payment protection insurance (PPI) to fall.
This is according to Martin Bamford, an independent financial advisor, who believed that these rules will not affect the volume of suitable of sales of PPI, just those who are miss-sold the product, Compliancy Services reported.
As a result, the numbers of sales for this product will likely fall, but in a way which could prove to be a positive measure for contractors with umbrella companies who are looking to get a PPI out.
Mr Bamford explained: "They will protect consumers from the worst of the sales tactics often deployed by the banks and other organisations to sell PPI in a pressured environment."
The FSA has been pushing to get these rules through so that firms can be governed into future complaints surrounding miss-sold PPI.
Recently, PPI.co.uk has reported that the controversial surrounding this type of insurance could become the UK's worst financial scandal, believing it could possibly be worse than personal pension and endowment miss-selling which graced the country in the past.