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Single premium PPI 'must be withdrawn'
The regulator has written to providers, telling them to withdraw the controversial loans insurance from sale by May 29th.
Consumer groups have previously criticised financial firms for mis-selling the cover - which is structured to make it difficult for customers to switch providers even if they are dissatisfied.
Earlier this year, a Competition Commission report banned single premium PPI from sale from October 2010 and introduced restrictions on other forms of PPI.
Commonly sold alongside personal loans, the insurance commonly works by helping customers with their repayments if they suffer a life event which causes them to take a drop in income.
In the letter, Jon Pain, the FSA's managing director of retail markets, wrote: "Our focus remains on how this product has been, and continues to be, sold and whether consumers have been treated fairly during the sales process.
"We therefore request that if your firm has not already done so, it stops selling single premium PPI with unsecured personal loans as soon as possible and in any event by May 29th."
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2009-02-25 12:04:41 © Moneyextra.com
Loans - Top Picks
| Unsecured Loans |
| Alliance & Leicester - Semi-Exclusive Personal Loan | ||||
 
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £402.86 | 8.0% | Fixed | £24,171.67 | |
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Representative example: based on a loan of £20000 Representative APR 8.0% Fixed. Total amount repayable £24,171.67 at £402.86 per month for 60 months. • Alliance & Leicester Personal Loans are provided by Santander UK plc |
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| Barclays Bank - Existing Customer Barclayloan Plus | ||||
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Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £410.87 | 8.9% | Fixed | £24,652.44 | |
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Representative example: based on a loan of £20000 Representative APR 8.9% Fixed. Total amount repayable £24,652.44 at £410.87 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| HSBC - Existing Customer Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
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Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| Nationwide Building Society - Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
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Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Advertised rate for main FlexAccount customers only, other options available. |
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| Secured Loans |
| Norton Financial Services - Secured Loan | ||||
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Norton Financial Services
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Variable | £25,188.92 | |
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Representative example: based on a loan of £20000 Representative APR 9.9% Variable. Total amount repayable £25,188.92 at £419.82 per month for 60 months. |
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| Willows Finance - Good Credit | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Variable | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Variable. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Low Rate, Cheap, Secured Homeowner Loan |
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| Nemo Personal Finance - Secured Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £433.30 | 11.4% | Variable | £25,997.90 | |
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Representative example: based on a loan of £20000 Representative APR 11.4% Variable. Total amount repayable £25,997.90 at £433.30 per month for 60 months. Low Rate, Cheap, Secured Homeowner Loan |
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| Nemo Personal Finance - Secured Homeowner Loan | ||||
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|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £451.40 | 13.4% | Variable | £27,083.81 | |
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Representative example: based on a loan of £20000 Representative APR 13.4% Variable. Total amount repayable £27,083.81 at £451.40 per month for 60 months. UK Secured Homeowner Loan |
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