You are here: Home - Insurance - News -

Banks pushing payment insurance too hard

Written by:

Most UK banking customers feel that they are pushed too hard into taking out Payment Protection Insurance, research has revealed.

New research from has found that 53% of consumers feel their bank has been too pushy when trying to sell insurance with a loan or credit card.

Emma Butler, editor, said: “Payment protection insurance can be a valuable insurance for some consumers and is something that should be considered when taking out a loan or credit card.

“However, providers encourage staff to cross-sell this product as part of the personal loan application process as it is extremely profitable and a great source of revenue. This leads providers to be ‘pushy’ when selling rather than considering the needs of the consumer.”

She added that people should not be forced into taking out these products, but if they did decide that they needed such cover, they should shop around.

She said: “Standalone products are available from the likes of and paymentcare which can often be much cheaper and more flexible.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Regulator probes PPI sales

Sales of Payment Protection Insurance (PPI) are to be investigated by the Office of Fair Trading (OFT) over claims that...