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Thursday, 22 January 2009

Banks Bow to Pressure on PPI


Finally, the Great PPI Robbery is over. The news from various high street banks effectively concedes it was too difficult for them to sell this little-used insurance policy in a compliant manner to enough customers to make a fast buck.

It was a long overdue concession, only wrung out of them after years and years of expensive market reviews, inquiries, regulation, more inquiries, and heavy fines - culiminating in the record £7m fine imposed on Alliance & Leicester last October.

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