Shepherds Friendly defies PPI concerns with MPPI launch

Shepherds Friendly has defied concerns surrounding the sale of Payment Protection Insurance (PPI) by launching a mortgage version of the product.

The Manchester-based firm says its MPPI product is a no-risk accident and sickness policy that reflects individual mortgage product terms.

It provides up to five years of cover to ensure the full term of the customer’s special mortgage deal is covered.

At the end of the special deal period the policy will be reviewed and amended to reflect the new mortgage deal and payments.

Over the last 18 months, the FSA has issued over £1.8m in fines to companies that have been found to mislead customers with PPI products – and it is continually assessing companies’ policies and procedures with regard to PPI.

In addition, the Competition Commission is currently assessing the health of the industry for consumers.

But Shepherds Friendly is seeking to overcome the publicised failings of MPPI.

Geoffrey Spencer, CEO of Shepherds Friendly, says: “Following the consumer backlash and regulatory clampdown against PPI providers that have been misleading consumers with their MPPI policies, we wanted to offer a product that intermediaries can be confident about selling.

“Our product has been genuinely developed to protect the consumer, which is why it provides cover for the full term of the special period, up to five years, ensuring the customer feels confident that they are properly covered.”

The policy adopts tele-underwriting by a qualified nurse at the time of sale, and its back-to-day-one policy allows customers to opt for either 100% or 130% of the monthly mortgage payment, with the maximum monthly benefit set at £2,000.

For further information on Shepherds Friendly MPPI please call 0161 495 6495 or click here.

Contact:
Scott Sinclair
News Editor
020 7034 2636
scott.sinclair@incisivemedia.com