Tweet
Financial services firms have been warned not to devise harmful new versions of discredited payment protection insurance (PPI) policies. The warning comes from the Financial Services Authority (FSA) and Office of Fair Trading (OFT).
They say they will use their powers to stop firms selling new types of loan insurance that might damage customers.
The current clampdown on past mis-selling will cost banks and other firms billions of pounds in lost income.
Big banks in the UK were the main sellers of PPI policies, to people who took out mortgages, credit cards or other loans. As a result of a comprehensive defeat in the High Court earlier this year, the banks have now been forced to set aside at least £6bn to pay compensation to hundreds of thousands of customers to whom they...Read more here--> BBC News - Warning on new-style PPI policies
- Hi & Welcome to the AAD Consumer Forum
We're a FREE consumer debt and legal forum offering help, support and debate in many areas of day-to-day life. You will need to Register a Free Account before you can join in with the discussion and contribute with your own posts. Remember to also check out the FAQ's so you can get to grips with how the forum works ready to start posting your new topics. Read about the new GDPR 2018 Rules and how it affects you as a member of AAD.