Ranting and raving about regulation
Tony Cornell asks why motor traders are not regulated when they sell a £30,000 car but a small add-on insurance product is deemed to be a case of mis-selling
The scale of compensation payments for mis-selling of payment protection insurance (PPI) is mind blowing. The provisions amount to a staggering £14bn, this is the equivalent of over £600 for every household in the UK and is about the same as the entire UK pays each year to insure houses and private cars. A product that seemed innocuous has resulted in the largest financial compensation bill in this country – and I suspect the world. It may even be bigger than the amount of payments that will be
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