Mortgage PPI firms to refund £60m

The announcement follows FSA concerns over recent increases in premiums, the reductions in the cover which customers get under their policy and the disclosure of these terms. Under the deal, the industry will refund increases in premiums and reverse any reductions in cover for customers who have experienced changes to their policy in 2009. The firms will offer to reinstate policies where a customer had cancelled it within two months of an increase in premium or reduction in cover made during 2009. Premiums and cover for existing customers will be frozen for at least the remainder o...