Aviva to offer PPI alternative

Insurance provider Aviva has developed a fully FSA compliant PPI product called ‘short-term income protection’.

Aviva has developed a fully FSA compliant PPI product called ‘short-term income protection’.

Aviva’s move represents a bid to distance its offering from the damaged reputation of the PPI sector.

The product will offer cover option to pay out in the event of accident, sickness, unemployment, and/or a fixed amount of life cover.

Product features such as waiting periods and the level of benefit can be changed at any time and the policy is annually renewable. Aviva will launch the product through Leeds Building Society call centres and a number of other distribution partners in May and will review at a later stage whether it will be offered through IFAs.

An Aviva spokesman says: “We are continuously improving our products and our new Stip product has been designed to reflect the changing nature of the market.”

Last week the British Bankers’ Association lost a judicial review against the FSA and the Financial Ombudsman Service challenging PPI redress measures.

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