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Is there body of insurance agents which operates an ethical code of conduct?

Innocent Abroad
by Innocent Abroad 22 October 2012  |  Comments 1 comment  |  Love Love  0 loves

I am an expatriate who has worked abroad for nearly 30 years. My youngest daughter is buying a home in the UK and the house agent is trying to sell her what sounds like Payment Protection Insudrance as well as life insurance. I have warned my daughter that the agent is selling insurance that is probably in the agent's best intrerest, not my daughter's.

Is there some kind body of insurance agents which operates an ethical code of conduct that I could refer my daughter to? Since I have been out of the UK for many years I am out of touch with developments in the insurance field, and do not have personal contacts who could suggest a trustworthy insurance agent

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Comments (1)

  • MikeGG1
    Love rating 879
    MikeGG1 posted

    PPI as such could well be advisable. It has got a bad name for 2 reasons.

    Firstly it was sold without a check into personal circumstances. In particular it was sold to self-employed people who were ineligible for the benefits from it.

    Secondly, the policies linked to other products like mortgages, loans and credit cards had rates which were much too high and very high commissions were being received by those providers from the insurers.

    Independent PPI providers have competitive products which could well be in your daughter's interest if there is any danger of her losing her income because of redundancy or sickness.

    A good independent mortgage broker should be able to give advice on these.

    Mike

    Posted on 27 October 2012 | Love Love  0 loves Report

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