Oral question asked in the House of Lords, by Lord Kennedy of Southwark (Labour). It was answered on Monday, 5 March 2012.

Insurance: Payment Protection Insurance

Question: Does the noble Lord agree that the mis-selling of payment protection insurance was a scandal? Does he agree that making a claim is relatively straightforward, that you do not need to use a claims management company, and that losing 30 per cent of your compensation in fees and charges is not very good value for money? Would he agree to meet me and consumers' representatives to discuss how consumers can keep more of their money?

Answer: My Lords, I would be very happy to have such a meeting, and I congratulate the noble Lord on his campaign in this area. It is an area where consumers have not been best served and where they are not aware that there are many simpler ways of reclaiming this money than paying exorbitant fees to claims management companies. I hope that as a department we are on the case but I would gladly meet the noble Lord and colleagues to discuss it further.

Secondary information

Type: Oral question
Reference: 735 c1549
Session: 2010-12
Oral question type: 1st Supplementary
Chamber / Committee: House of Lords chamber
Subjects: Compensation Consumers Insurance Protection Loans Unfair practices Claims management services Credit Misrepresentation
Link: View this Oral question on www.publications.parliament.uk