Banks rein in PPI selling
The Financial Services Authority (FSA) has welcomed the move by Alliance & Leicester, Barclays, The Co-Operative Bank, Lloyds Banking Group (including Lloyds TSB, Halifax, and Bank of Scotland), and RBS/Natwest to stop selling single premium Payment Protection Insurance (PPI) with unsecured personal loans by the end of January 2009.
Some of these firms, along with other market players, now offer or plan to offer regular premium PPI instead of a single premium product. The FSA expects other firms still selling single premium PPI to take note of these developments.
The FSA said it recognised the importance of appropriate protection insurance in the current economic climate, but remained concerned over the standard of sales of single premium PPI.
The FSA added that customers being sold this type of product should be told how the
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