FSA applauds banks' PPI single premium cull

Alliance & Leicester, which was last year fined £7m for "serious failings" in telephone PPI sales, Barclays, Co-Op Bank, Lloyds Banking Group (including Lloyds TSB, Halifax and the Bank of Scotland) and RBS/Natwest have agreed to offer regular premium policies only. It follows recommendations from the FSA and the Competition Commission (CC) to cut single-premium sales following a raft of complaints lenders were using aggressive sales techniques to push the product to consumers. "We are pleased these firms have stopped selling single premium policies and would expect other firms to notic...