• From The BBC:

    A legal challenge to threatened limits on the sale of the controversial payment protection insurance (PPI) will be heard on Monday.PPI is supposed to repay people’s loans if they fall ill or become unemployed. In January, the Competition Commission recommended that next year lenders be stopped selling PPI when granting a loan, or for seven days afterwards. But Barclays bank lodged an appeal with the Competition Appeal’s Tribunal (CAT) in March. The consumers association Which? said Barclays should back off. “PPI has been widely discredited, so it’s important that it’s sold separately from other financial products to help consumers make informed choices about how best to protect their finances,” said Which? chief executive, Peter Vicary-Smith. “Rather than appealing [against] the Competition Commission’s decision, Barclays should concentrate its efforts on developing protection products that offer better cover and value for money to its customers,” he added. Barclays said it was only ch…

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    Posted by Jon @ 3:58 pm

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