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.
Will they capitulate on bank charges next?
Addressing issues over poor PPI sales practices is a priority for the FSA, ensuring consumers make well informed purchasing decisions.
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