Banks are putting up a desperate fight to hold on to an estimated £2 billion in mis-sold debt insurance by flouting new rules that could mean compensation for around three million victims.
A ban on the sale of payment protection insurance (PPI) at the same time as credit cards, loans and mortgages will go ahead, the competition watchdog said today.
Santander has broken ranks and become an unlikely consumer champion by refusing to take part in controversial legal plans by banks to block mass compensation to payment protection insurance (PPI) mis-selling victims.
A host of industry experts are calling for radical reform of insurance rules on consumers' disclosure requirements to prevent unfair rejection of claims.
12 October 2010
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