As a non-advised general insurance (GI) product, those selling PPI need only meet the FSA’s Training and Competence (T&C) requirements. There’s nothing mandatory for PPI sales, so providers can educate and train (or not) as they see fit.
Those giving mortgage and investment advice require qualifications that are validated and approved by the Financial Services Skills Council (FSSC), so why can’t we do the same for PPI? Lenders’ trade bodies are quick to point out their members meet the FSSC’s qualification criteria, but given there are no formal exams for PPI sales, how can they measure their members’ competency in this area? There is no national benchmark.
The Association of British Insurers (ABI) says consumers need to be better informed about the policies they’re buying, but instead of relying on producing better point-of-sale material, shouldn’t we be focusing on the people who sell PPI?
We need a baseline standard qualification – it would ensure greater emphasis is placed on competency and skills, resulting in less mis-sold policies and ultimately, a better reputation for us all.
Sara-Ann Burgess
Director
Britishinsurance.com
