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The Finance Industry Standards Association (FISA), the self-regulatory body of the secured loans sector, has said that it is in favour of Competition Commission proposals to standardise information available to point-of-sale payment protection insurance (PPI) customers.

The FISA has also issued statements saying it supports proposals that would enable consumers taking out secured loans to more easily make comparisons of PPI policies offered by different providers.

However, one area where FISA is not in agreement with the Competition Commission is the issue of single premium policies. The commission believes that each year consumers should be given the option of choosing whether they want to opt-in on these policies, while FISA believes this could cause potentially damaging numbers of lapsed policies.

John Parker, chief executive of FISA, commented, “There is much in the provisional findings from the commission that FISA is supportive of, however, we believe that a number of the remedies outlined will have a negative impact on product choice, policy cover and borrower protection in the secured loan sector."