From the category archives:
Which? declare “Credit card PPI is a modern day snake oil”
Despite the torrent of shocking publicity over the past few years, and increased regulatory scrutiny, Payment Protection Insurance (PPI) polices are still being sold extensively.
PPI is designed to ensure that loans, credit card payments or mortgages can still be paid should the customer fall [...]
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According to Which? many banks and lenders could be profiting in the millions by mis-selling costly Payment Protection Insurance (PPI) policies with their personal loans and credit cards. Which? believes that the Association of British Insurers (ABI) and General Insurance Standards Council (GISC) codes are being contravened. Companies are reluctant to divulge exactly how much [...]
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In June City watchdog Lord Turner attacked insurers for threatening to water down unemployment protection on mortgages. He warned her would investigate any attempt to push through price rises due to the recession.
The chairman of the Financial Services Authority warned that companies were risking repeating past scandals such as the mis-selling of endowment mortgages.
There has [...]
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In 2006 The Consumer Action Group received a detailed complaint accusing Black Horse Finance of mis-selling Payment Protection Insurance (PPI).
The main allegation regarding the mis-selling of PPI was that Black Horse offered the client two entirely separate interest rates at the point of sale for the same loan. If the loan was taken with [...]
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Payment Protection Insurance (PPI) is designed to cover payments on a debt – usually mortgages, credit cards or personal loans should you fall ill, have an accident or become unemployed.
Sainsbury’s Bank has the most expensive PPI out of the major lenders, costing over five times that of a standalone policy from an independent insurer. [...]
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Out-Law.Com have reported that the Financial Services Authority (FSA) imposed a record £27.3m in fines in 2008/9, compared to an annual average of £14 million in the previous five years
The regulator also tripled the number of senior managers under investigation during the year, fining four of them a total of over £200,000. This follows the [...]
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The Royal Bank of Scotland has been accused of training its staff to mislead customers to prevent them from cancelling their Payment Protection Insurance (PPI) policies. The allegations come from a whistleblower within the bank’s ‘customer loyalty team’, who recently detailed claims of the abuse to the Financial Services Authority.
The whistleblower claims that staff [...]
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Watchdog issues alert to customers over low settlement offers.
Customers who reclaim mis-sold loan insurance from banks and other lenders are being warned not to accept "gesture" payments worth a fraction of their potential payout.
Nine out of 10 Payment Protection Insurance (PPI) mis-selling claims rejected by lenders are now being upheld by consumer watchdog the [...]
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