Ban instructed in writing

The FSA has written to all firms still selling single premium payment protection insurance (PPI) with unsecured personal loans, asking them to withdraw the product as soon as possible, and by no later than 29 May. The letter, sent to chief executives, follows the decision last month by a number of major banks to stop selling such products, some of which intend to switch to selling regular premium PPI. The letter's author, Jon Pain, the FSA's managing director of retail markets, also noted that the Competition Commission's final report on its PPI market inquiry, published on 29 January, in...