PPI gets the evil eye

Wednesday 26th August 2009

Steve Devine is business development manager at IGI insurance Company and chairs Protect - the Association of UK Creditor Insurers
Steve joined IGI this year from Cardif Pinnacle (formerly Pinnacle Insurance) where he spent 15 years, the last seven as the head of group corporate communications. Before that he was head of general insurance with Hambro Countrywide, the estate agency group.
Steve is married with four children and as a long-suffering West Ham fan, he has learned to cope with difficult and extended lean times.

The familiar roller coaster ride that West Ham fans endure most seasons is off and running once again. After a comfortable start last week, The Hammers lost to our London rivals Spurs last weekend.
It appears that Dean Ashton's career has been cut short. Certainly if you go to the club website and click on Deano's profile you get Robert Green's profile instead. Has he already gone?
Also last week, reserve defender Calum Davenport was stabbed in both legs in Bedford. What's next?

The knives have been out for payment protection insurance too (what a smooth link!). It has suffered a very long drawn out and painful period of criticism and derision from just about everyone, including insurers since 2005. I think the expression - putting commission greed before customer need, probably sums up best what its critics think about the product.
What hope have Barclays Bank, Lloyds Banking Group and Shop Direct Group FS Ltd, in their appeal against the Competition Commission (CC) in the Competition Appeal Tribunal which is due to start the week starting 7 Sept? I don't think it will change the course or result of the CC remedies.
The CC made it very clear in their industry briefings recently that they were not looking at any suggestions or pleas to overturn their remedies and were only looking for help on how to implement them.
 
Whatever happens I look forward to seeing payment protection products that clearly benefit the policyholders and claimants. Perhaps, also a return to fashion, for peace of mind, in PPI and other protection products too. Peace of mind I think is a value and benefit that has, rather short sightedly, been kicked into touch and replaced by " it does what it says on the tin."
 
I did take some heart from the latest figures that the number of loans approved for house purchases rose to a 17-month high in July. Although like West Ham's fortunes, I am sure there are still some ups and downs and twists and turns to come.

Finally I also perked up with the news that static caravan sales were up to by 38% according to Haven holidays as more Brits holiday in the UK. I didn't stay in a caravan but I did have a week's holiday in Burnham Market in North Norfolk - a lovely part of the world that I would recommend to you.