In the News - Payment protection insurance
Millions sold invalid loan payment protection cover
Millions of consumers may have been mis-sold loan payment protection cover, according to a new report by the consumer body, Which?. The report, which precedes by a matter of days the findings of a full-blown Competition Commission investigation into the payment protection insurance industry, concludes that as many as 2.1m policies may be invalid.
Sofa retailer, Land of Leather, was this month fined £210,000 for not having the correct procedures in place to ensure that its payment protection insurance was being sold fairly.
Separately, the Financial Ombudsman Service announced that it had received 123,089 formal complaints during its last financial year, a rise of over 30%. It attibutes much of the rise to complaints about loan payment protection cover and bank overdraft charges.
(Sources: Guardian.co.uk BBC.co.uk)
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28-May-2008 10:03:10
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