FSA and Competition Commission concerns over PPI are being addressed
Biba has appointed Millennium Insurance, the distribution arm of Direct Group, to provide its new members’ scheme for payment protection insurance (PPI).
Biba said the new scheme would help address the market’s concerns over PPI, which has recently come under the spotlight from both the Competition Commission and the FSA.
The scheme will be sold on a standalone basis with or without a mortgage or loan. It will have an option to cover regular bill payments in the event of unemployment or inability to work due to accident or sickness.
The scheme will include optional life cover, a ‘back to work’ programme, legal protection and a helpline providing confidential legal advice on tax matters, general health and medical issues.
Direct Group chief executive Derek Coles said: “This is a difficult economic time, when customers need protection the most.”
The scheme will be underwritten by Jubilee.