Banks halt single premium PPI sales as Biba calls for FSA action

Some of the country's leading banks have pre-empted the results of a Competition Commission investigation into payment protection insurance (PPI) by agreeing to cease selling single premium PPI products with unsecured loans.

The decision by Alliance & Leicester, Barclays, the Co-operative Bank, Lloyds Banking Group and RBS to stop selling single premium products was welcomed by the Financial Services Authority (FSA), which has encouraged other firms to follow suit.

John Pain, managing director

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