Mortgage Watchdog is cracking down on companies who sell single premium accident, sickness and unemployment cover. Names and details of such companies who continue to sell these types of products, are required by Monty Burn, director of Mortgage Watchdog in an effort to encourage clients to take legal action to recoup their losses. Mr Burn says that in the current climate advisers selling these polices are rewarded, but penalise those advisers who are working in the best interest of their clients by selling monthly premium policies.
Mortgage Watchdog plan to raise these issues later in the year and bring them to the attention of the general public. Mr Burn also revealed that some companies let their agents select the level of commission they sell at, which can be as much as 65% on a five-year single premium ASU Policy.
See our article Protection Insurance Miss-selling.