Industry Facts

Financial Services Authority (FSA) – Findings

Financial Services Ombusdman Uphold 89% of PPI Mis-Selling

Competition Commission PPI Investigation Research

FSA Fines for Mis-Selling PPI Policies

The Office of Fair Trading (OFT) says credit card fees are unfair

BBC News Article on:

PPI still mis-sold, says Which?

Many people are still being misled into buying payment protection insurance (PPI) to cover their credit card payments, Which? claims.

A survey for the consumers’ association suggests that nearly 10 million people have a PPI policy with their cards.

But 13% – 1.3 million – bought it under the mistaken belief it was compulsory or would improve their chances of having their card application approved.

CAB Press Release on:

Citizens Advice calls for OFT investigation into PPI

Payment protection insurance is failing many of those who need it most, adding to their debts instead of protecting them against hard times, a new report from national charity Citizens Advice says today.

The report – published at the start of Advice Week 2005*** – says the insurance sold to cover credit payments in the event of illness or job loss is often very expensive, mis-sold to people who cannot possibly claim on it, and designed to exclude many of the most common situations that can lead to debt problems.

Citizens Advice is making a ‘super complaint‘ to the Office of Fair Trading, calling on them to launch an investigation into the payment protection insurance (PPI) business, which has an estimated 20 million policies in force and produces annual revenue in excess of £5 billion.

Protection racket* –

Based on evidence from 270 Citizens Advice Bureaux around the country – says that in many cases it is more about providing an additional source of profit for the financial industry than about protecting consumers.

Problems occur in nearly all sectors of the consumer credit market – from non-status mortgage lenders and hire purchase companies to major high street banks and credit card companies.