Payment protection insurance is under scrutiny as never before; and now the complaints have reached the ear of the OFT, write David Heard and Vanessa Evanson-Goddard
For over 10 years, various consumer protection bodies, including the Citizens Advice Bureau, have been concerned about sales of payment protection insurance (PPI). In addition, for more than five years, both the Insurance Ombudsman and the Financial Ombudsman Service have been receiving and investigating complaints about the mis-selling of PPI. Indeed, in February 2000 an extensive report was released by the consumer credit division of the Office of Fair Trading (OFT) into the bundling of PPI with loans and discounted annual premium rates (APR) being quoted as a result. Most recently, the...
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