The City watchdog has launched comparison tables to help consumers shop around for controversial Payment Protection Insurance.
The Financial Services Authority set up the tables on Tuesday on its consumer website to help people thinking of taking out one of the policies compare prices.
Payment Protection Insurance (PPI), which covers debt repayments if the holder is unable to work, has been slated recently due to the high cost of the cover and the fact that it is frequently mis-sold to people who would never be able to claim on it.
The Competition Commission said earlier this month that consumers were being overcharged for the policies by £1.4 billion a year due to a lack of competition in the market. It blamed the situation on the way the product was typically sold alongside credit agreements, as well as the fact that it was difficult for consumers to shop around.
The FSA’s PPI tables will be updated daily, and offer information on single and regular premium policies for cover linked to mortgages, loans and credit cards.
The move is the latest step in the regulator’s work to improve the way PPI is sold.
Chris Pond, FSA director for financial capability, said: “The FSA is committed to helping consumers make informed decisions about PPI and to shop around more effectively – the PPI tables are a key part of this.
“Improving the PPI market and the deal consumers receive is one of the FSA’s top priorities, and central to this is enhancing consumer power in this market.”
The tables can be found at www.fsa.gov.uk/tables