The CII has launched a compliance tool aimed at minimising the potential mis-selling of payment protection plans.
CII director general Sandy Scott said the insurance industry and those who sell creditor insurance need to take urgent action to improve the reputation of their products.
Called Creditor Protection the tool has been designed to introduce specific units for the motor and retail sectors, which will give firms six months to train their staff before January 2005 when the FSA will require proof of competency to sell creditor insurance.
Scott said: “It is vital that consumers are given best advice when taking out creditor insurance. This cover is bought to provide repayment support in times of greatest need and therefore sales staff must always be sure the product they recommend is appropriate for the individual circumstances.
“The CII's new compliance tool will enhance consumer protection by providing public facing employees with the level of competency required to deliver accurate advice about creditor insurance in less than six hours.”
There are two study packages, either retail or motor, consisting of an interactive tutorial and online coursebook, said the CII. Both the motor and retail courses cover identical core elements including legal & regulatory issues and suitability.
Specialist areas such as GAP insurance for those working in the motor trade and loan PPI are also explained within industry specific modules.
Following the tutorial candidates will take a test consisting of 50 multiple choice questions. Candidates will receive their test results instantaneously and a record of achievement will be awarded.
Prices for the tutorial and examination start at £96 with discounts available for multiple entrants.
More information can be found at www.creditorprotection.co.uk.
