PPI

Complaints to the Financial Ombudsman Service about payment protection insurance increased year on year by 51%, and accounted for 60% of all new cases in 2011/2012.

RBS is set to follow Lloyds Bank's example and put more money into its payment protection insurance (PPI) compensation fund, according to reports.

Lloyds Bank has announced that its payment protection insurance misselling has cost it a further £375m.

Redress paid to customers who complained about the sale of payment protection insurance (PPI) has now reached £3bn, according to the FSA.

At a summit, a group has called for industry-wide standardization of the PPI claims process to fight "unscrupulous claims management firms," and simultaneously took a side swipe at government inaction.

Consumer groups, the regulator, banks and credit card providers are to come together to cut claims management companies (CMCs) out of the payment protection insurance (PPI) compensation process.

Legal & General has replaced its mortgage payment protection (MPPI) product with a short-term income protection (IP) offering called Lifestyle Cover.

Advisers have criticised the Ministry of Justice (MoJ) for failing to protect firms from invalid mis-selling cases levelled by claims management companies (CMCs).

Compensation payments due to consumers mis-sold Payment Protection Insurance (PPI) slowed in January for the first time since September, with £403m paid in redress.

Even if purse strings are tight, Paul Walsh says insurance providers need to take control of protection to regain consumer confidence.