WIREDGOV

The Financial Services Authority (FSA) has launched free, impartial comparison tables for payment protection insurance (PPI) on its consumer website:

http://www.fsa.gov.uk/tables

The new tables are designed to help consumers who are thinking about taking out a PPI policy to shop around and identify products that could meet their needs. 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.

Chris Pond, FSA Director for Financial Capability, 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.

"PPI is almost always optional and consumers need to consider their own financial circumstances when deciding to purchase it and make sure they are clear about what will be covered."

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. This is the latest step in a longstanding programme of work the FSA has been carrying out to improve the standards of PPI sales.

The FSA’s tables were set up in 2001 to provide impartial information to help consumers shop around for financial products. With the addition of PPI there are now tables for eight products including annuities, mortgages and savings accounts. The work forms part of the FSA-led National Strategy for Financial Capability which aims to find ways to improve the nation’s financial capability and understanding of personal finance.

Notes for editors

1. More information about the PPI Tables was set out in a Response Paper published in November 2007 to Consumer Bulletin No 8 published in July 2007 which discussed issues around the creation of new comparative tables for PPI.
2. The FSA recently published the findings of it most recent review of PPI Selling standards.
3. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
4. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.