PPI "scandal" could cost billions
An industry expert is warning the insurance industry that the inquest into the payment protection in...
An industry expert is warning the insurance industry that the inquest into the payment protection insurance market, being conducted by the Competition Commission, could cost the industry over £10bn. The market is worth over £5bn annually and claims for compensation could be registered for the past five years.
Simon Burgess, managing director of British Insurance, said: "This is a cancer in our industry and it is bringing it into disrepute. We need to stop this avarice."
Some firms selling PPI are
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