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PPI claim: Insurance sector feeling backlash from PPI scandal

The insurance industry is now feeling the backlash from the payment protection insurance (PPI) scandal.

Julie Bayley from Cumbria-based Eden Financial Planning explained to the Financial Times that consumers are now so confused that they are avoiding buying insurance altogether.

This follows the news from the Financial Conduct Authority that PPI payouts reached £375 million in March.

"When you think about what PPI was, adding the insurance to the loan as a single premium, and then getting people to repay the loan and the insurance premium each month, is it no wonder that people have been put off, " Ms Bayley said.

The Financial Ombudsman Service has recently revealed that many of the big banks still aren't dealing with PPI complaints.

Of 508,881 new cases opened in 2012, 72 per cent were complaints about PPI.

Until the issue is addressed it seems people will continue to be nervous about insurance, with the consequence that income, homes and families are going unprotected.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801592129-ADNFCR

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