HANNA ZIADY: Are SA’s credit providers due their own PPI moment?
In light of the UK’s payment protection insurance scandal, the Financial Sector Conduct Authority should start investigating compliance with new credit rules
The payment protection insurance (PPI) scandal engulfing UK banks raises the question whether SA’s lenders are not due their own PPI reckoning.
PPI is what we understand as credit life insurance. It is sold to consumers, usually on a mandatory basis, when they take out a loan to cover repayments in the event that they are unable to do so due to death, disability or unemployment.