PAYMENT PROTECTION
Coffin Mew LLP are the leading specialist legal and regulatory advisers to the payment protection market – acting for insurers, banks, consumer finance companies, retailers and brokers throughout the market. We offer a range of subscription based services specifically targeted at keeping compliance and other management not only up to date with, but ahead of, the regulatory changes which are flooding the market from UK regulators and the EU alike.
PPI Services Information Pack (File Size 350k)
PPI Knowledge Online - Everything you want to know, need to know and might already know, all in one place…
Our new secure web-based resource product is for anyone involved with PPI to ensure that they have personal knowledge of the regulator’s expectations and of all the issues which need to be taken into account when meeting them.
What is Payment Protection Insurance?
It is insurance taken out to cover the liability for debt when customers die, are taken ill, or are out of work for reasons beyond their control. Typically the insurance is taken out when a mortgage or other loan is being arranged, but cover is often available in respect of credit purchases of cars and electrical goods and, increasingly, to protect against utility bills. To find out more visit www.protect-aci.org.uk
What is Extended Warranty Insurance?
Insurance taken out to cover the risk of the cost of repairing motor vehicles and consumer goods after the manufacturer's warranty has expired.
Key Trade Associations concerned with conduct in the market are the Association of British Insurers www.abi.org.uk, the Finance & Leasing Association www.fla.org.uk, the British Bankers Association www.bba.org.uk and the Council of Mortgage Lenders www.cml.org.uk
What are the Key Regulatory Challenges facing the Market?
For Payment Protection Insurance - without doubt the regulation of the general insurance intermediary market (follow this link for more information on this regulation). The PPI market has heavily utilised non-financial service sector distributors and other avenues to bring the product to consumers in a flexible and attractive manner. Regulation by FSA seriously threatens some sectors of this distribution. The substantial overhaul of the Consumer Credit Act 1974 also has a major impact (for more information use this link).
Payment Protection has been the subject of an FSA 'Thematic Review' which demands significant response from the market (follow this link for more information). The Competition Commission has also undertaken an investigation into the PPI market which has identified remedies (to come into force during 2010) which will significantly affect the way in which PPI will be structured and sold (use this link to find out more).
For the Extended Warranty market the major challenge is the implications of the Competition Commission investigation into the market, and the resultant regulation of sales by the BERR (follow this link for more information on this subject).
How can Coffin Mew LLP help?
Whatever your involvement with these specialist markets may be, by working with Malcolm Padgett (for profile follow this link) and his team, you will be giving yourself access to the widely acknowledged leading advisers to the market and to sources of practical and strategic guidance which are tailor made to meet your needs and concerns.
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