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Well today’s one of those days when I just can’t get myself going at all. I’m putting it down to a combination of the usual Monday blues and the affects of a Cold I’ve developed over the last couple of days.

But, that’s enough of me feeling sorry for myself, so instead I’ll just waffle on about what’s caught my eye in the news.

I see that Simon Burgess from British Insurance, who also trade under a plethora of other names, has been predicting that the investigation by the OFT into Payment Protection Insurance (PPI) will result in a misselling scandal on the scale, or even larger, than that of the Endowment debacle.

Mr Burgess said “While the FSA isn’t yet producing PPI factsheets, claims management firms are encouraging people to pursue a claim if they feel they have been mis-sold PPI.” With adverts regularly appearing in the media and marketing campaigns moving up a gear, consumer awareness of the potential for redress is growing. Potentially 10m PPI policies have been mis-sold which dwarfs the endowment debacle.”

“PPI providers have been complacent - they haven’t implemented robust processes to ensure their products are sold correctly and now they will have to suffer the consequences”

Now whilst I’m far from an expert on Insurance, I can’t help thinking this is Mr. Burgess taking the opportunity (and probably quite rightly - who wouldn’t?) to promote standalone insurance.

The OFT report on PPI talks about low claims ratios, high commission rates, PPI prices differing greatly, cross subsidy issues, a general lack of and quality issues with documentation and problems with the APR calculation, but doesn’t seem to accuse the industry of misselling.

Perhaps I am wrong, but I don’t see the Insurance Armageddon that some seem to be predicting