News Tag: payment protection insurance
March 10, 2010
The Financial Services Authority (FSA), has announced a delay on its plans to reform the Payment Protection Insurance (PPI) market.
The City Watchdog said its consultation will be delayed by six weeks due to a heavy amount of criticism from the financial industry.
Under a PPI policy, an agreed sum of money is paid out each month to fully cover, or cover a percentage of ...
FSA delays PPI reforms
by Kay Murchie
January 20, 2009
Several High Street banks are to cease selling single premium payment protection insurance (PPI) with their unsecured personal loans.
Alliance & Leicester, Barclays, Co-Operative Bank, Lloyds Banking Group and RBS/Natwest will be opting out of the controversial market for single premium PPI by the end of this month.
The Financial Services Authority (FSA) has welcomed the move, adding that some firms, along ...
Banks to stop selling single premium PPI
by Kay Murchie
December 18, 2008
Almost one in three people in the UK would end up in financial disaster within two months if they faced unemployment.
In a new survey by MoneyExpert.com, 30% of respondents admitted that losing their job would leave them unable to make repayments on their mortgage and other debts within two months.
Half of these people (15%) confessed that they would be out ...
Financial ruin for one third of unemployed
by David Masters
October 7, 2008
The Financial Services Authority (FSA) has given Alliance & Leicester (A&L) a record fine of £7 million for mis-selling payment protection insurance (PPI).
The FSA found that the bank had trained its staff to put pressure on customers who questioned the inclusion of optional PPI in a loan.
During the period January 2005 to December 2007, A&L sold around 210,000 ...
Record fine for A&L for mis-selling PPI
by Kay Murchie
