MPPI - under another name?

KayJay

Hello, hoping one of the experts here can advise me


I have looked out paperwork for our mortgage and found the original offer letters and direct debits etc. Under 'Areas not chosen' it says "We discussed the areas of Critical Illness cover, Mortgage Payment Protection and Premium protection options and you felt you did not wish to discuss these matters further."


When I look at the yearly statements there is an amount of £460.32 called 'ASU Premium'.


Is this MPPI?


Thank you for any advice you can give to me.

dunstonh

ASU is a form of PPI. It predates MPPI. ASU is typically not linked to mortgages. Although it was very common for it to be used for mortgages, it could be used standalone as a form of income protection.

Unlike life assurance, critical illness cover etc, it did not require a regulated individual to put in place. Many lenders had a two tier system where a mortgage clerk would be used and they would deal with the unregulated side (mortgage, house insurance, ASU) and then you would see the regulated individual who would deal with the regulated advice side (life assurance, CI, income protection etc). There are some areas of overlap. For example, if you bought the ASU via the mortgage clerk then the regulated adviser would say you were not interested in discussing ASU

KayJay

Thanks for that. I dug further and found a letter we sent stating that we did not want the protection insurance and wanted it removed. So I will send the complaint off and see what happens. Thanks again!