Payment protection products update — January 2013

The FSA and OFT have published their final guidance and summary of responses on Payment Protection Products. This joint project arose from a desire to prevent problems associated with payment protection insurance recurring in a new generation of payment protection products.  These new products and product features are being designed to offer short-term protection to borrowers in case of loss of income, by providing the means for the borrower to meet their financial obligations including repayments under regulated mortgage contracts and credit agreements.

Different payment protection products are subject to different regulatory regimes.

A key distinction is whether or not they involve insurance. Insurance products and payment protection products in relation to first charge mortgages are regulated by the FSA under the Financial Services and Markets Act 2000 even if the linked credit agreement is regulated under the Consumer Credit Act 1974 or is unregulated…

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