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Payment Protection Policies Are Facing Ban

Belfast Telegraph Car Insurance
Published: Friday, November 14, 2008 

A MAJOR cause of the controversy surrounding payment protection insurance was removed yesterday when the Competition Commission said it wanted to ban sales of the policies when people take out loans and credit cards.Banks should have to wait for 14 days before approaching borrowers to sell payment protection insurance (PPI), shielding them from instant pressure and allowing them to shop for better deals, the regulator said after a two-year investigation.In January, the Financial Services Authority fined the HFC arm of HSBC Pounds 1m for failures to 163,000 customers and last month ordered Alliance & Leicester to pay Pounds 7m for its shoddy treatment of 210,000 customers.....

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