Friday 4th May 2007
Research into mis-selling of payment protection insurance (PPI) by consumer watchdog Which? has been applauded by the Post Office.
The insurance provider urged all consumers to check the details of any PPI cover they may hold, to check that it is suitable for protecting their borrowings.
Meanwhile, those with unsecured loans were encouraged to determine whether they have been sold a PPI policy without being made aware of it.
Post Office head of communications Claire Oldstein said: "Many customers have little understanding of PPI and some do not even realise they have this insurance in force.
"Others, who have been at the hands of aggressive sales tactics, can feel they have no choice but to take the expensive policy tied to a loan or credit card."
Previously, the Financial Services Authority stressed that PPI policies attached to store cards are optional and that consumers should consider whether they are required before signing up.
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