Banks Making An Estimated 4 Billion A Year Profits On Payment Protection Insurance
Despite the crackdown by the Financial Services Authority since it began investigating in 2005 after a super complaint by the Citizens Advice to the Office of Fair Trading, banks are continuing to “rip-off” consumers by raking in huge profits on payment protection insurance (PPI).
It is thought that banks are raking in around 80% in profits by selling payment protection alongside loans and credit cards. While the high street lenders remain tight lipped regarding the actual profits, the Competition Commission who has been conducting an in-depth review in to the sector is now using their resources to make the banks open their books.
Although taking the cover out alongside your loan or credit card seems the easiest option this is without a doubt the dearest option. It can cost you up to five times more than had you chosen to take the cover out independently with an independent provider. Not only does the high street lender get huge profits on the sales but they also get 90% of any profit if claims made on a payment protection policy are lower than what was...
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