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Anorak | Sneaky Lenders Pulled Up By FSA On PPI

Sneaky Lenders Pulled Up By FSA On PPI

by | 12th, July 2007

small-print.jpg FOR the vast majority of us, organising any kind of loan is an arduous task akin to some really hard maths homework at school. And banks, well aware of just how easy it is to blind us with numbers and complicated small print, have been making the most of our financial ignorance.

The automatic addition of payment protection insurance (PPI) has been one of the most lucrative and sneaky japes instigated by lenders, with millions of pounds made each year from the ‘add-on’ sales of this extra cover, cover which is often totally useless.

But now the Financial Services Authority has decided to clamp down on the unscrupulous practice, forcing banks and loan companies to

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Posted: 12th, July 2007 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink