FSA sets PPI deadline for lenders

The Financial Services Authority (FSA) has turned the screw on lenders who sell single-premium payment protection insurance (PPI) by setting a deadline to bring sales to an end.

The regulator has written to the chief executives of providers to request they stop selling single-premium PPI by 29 May. The move follows the decision earlier this year by a number of major banks to stop selling the product.

The letter from Jon Pain, the FSA's managing director of retail markets, contains a reminder that