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CML welcomes FSA's PPI findings

28 September 2007
The Council of Mortgage Lenders (CML) has welcomed the Financial Services Authority's (FSA) latest findings as part of its review of the payment protection insurance (PPI) market.

In its report, the FSA said that the sale of PPI for premium prime mortgages was more likely to comply with standards and also be based on an evaluation of the customer's requirements.

Michael Coogan, director general of the CML, said that the organisation has maintained that PPI sold in conjunction with prime mortgages is "more appropriately" aimed at consumers than other products.

"With market conditions becoming more challenging, mortgage payment protection insurance still has an important role to play as part of the safety net providing support for homeowners," he remarked.

Announcing the findings of the review, Clive Briault, managing director of retail markets at the FSA, said that the body would now "strengthen" its stance on companies who do not treat their customers fairly.

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