• From This is Money:

    It has expressed concerns that the financial industry is failing to tackle serious problems with PPI sales and has written to the Financial Services Authority to spark further investigation.
    The Ombudsman said complaints had risen tenfold in two years and now accounted for a quarter of the problems brought before it.
    The sale of PPI has attracted much controversy since major complaints over the product started to emerge three years ago.
    The Competition Commission proposed a clampdown on its sale in June, after it found millions had been sold inappropriate policies or had the cover added on without their consent.
    Traditionally sold alongside credit cards, mortgages and loans, the insurance is designed to pay-out in the event the customer is unable to meet their minimum payments.
    However experts believe over 2m people have been mis-sold PPI over the past five years and would not be able to claim on policies that can add significantly to the cost of a loan and only pay out in part…

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    Posted by Jon @ 10:41 pm

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