Payment protection insurance (PPI) can be a very valuable product to have in your corner but it isnt suitable for everyone and the product had seen many problems when the Financial Services Authority began investigating the sector in 2005 after a super complaint was made to the Office of Fair Trading by the Citizens Advice.
Following the complaint an investigation began and the Financial Services Authority (FSA) handed out fines to several well known names on the high street for mis-selling payment protection insurance. The mis-selling from mainly high street lenders was due to them selling policies to those who couldnt possibly hope to claim against them such as those who were retired or self-employed.
The sector payment protection insurance sector is currently under review by the Competition Commission and they are conducting an in-depth review of the industry which is expected to reach conclusion in February 2009. The FSA is also still investigating and during the latest round have found that while some improvements have been made the cover is still confusing to the majority of consumers. Consumers often dont realise how much the total amount of the...
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