MPPI Tips and tools
If your firm sells Mortgage Payment Protection insurance (MPPI), you need to be able to demonstrate TCF at the point of sale. You can do this through:
Implementing TCF standards will help you minimise unsuitable sales and should result in:
Tips, tools and links
The checklists and questionnaires below (which are TCF support tools only and may need adapting to take account of the particular features, terms and conditions of the policies you sell) are designed to help ensure that:
The information gathered via the checklists will help provide what you’ll need for your ‘Statement of Demands and Needs’, to be provided to the customer and kept as a record for at least three years after a sale.
Please note that these checklists are a support tool only for the sale of mortgage payment protection insurance. For detailed requirements on FSA insurance sale rules follow the links to the FSA at the end of the checklists and below. If you sell PPI for products other than mortgages – including loans – you will need to ensure that you embed TCF within the sales practices, policies and procedures that have been implemented in relation to those products.
As well as using the checklists above, you may find it of use to provide your customers with consumer guides to PPI and/or MPPI.
The Council of Mortgage Lenders (CML), Association of British Insurers (ABI), British Bankers Association, Finance and Leasing Association, and Association of Creditor Insurers have produced a joint guide on PPI which has been awarded the Plain English Campaign Crystal Award for clarity. The CML and ABI have also produced a separate guide on MPPI called ‘Take cover for a rainy day’. You can download both guides below.
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