PPI sales scandal revealed

Insurance Age staff
01 Mar 2003

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A multi-billion-pound scandal over insurance sold with personal loanswas revealed in a survey conducted by intermediary Goodfellows lastmonth.

The research revealed that some loan providers are cashing in on alucrative insurance sideline by selling policies that they claim willprotect borrowers who have fallen on hard times and are unable to meettheir repayment obligations.

Goodfellows claims sales of payment protection insurance (PPI) are runningat 1,000 policies an hour and lenders are

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