PPI

Britain's changing demographic make-up is removing the traditional protection trigger points - and adding new ones. Mark Jones explains.

Short-term income protection sales are very close to stalling, a direct to consumer provider has reported.

The Financial Services Authority (FSA) has fined three Lloyds Banking Group firms £4.3m for system failings, that resulted in up to 140,000 customers receiving delayed payment protection insurance (PPI) redress.

The Office of Fair Trading (OFT) and the Financial Services Authority (FSA) will be meeting with insurers and protection industry individuals to provide clarity on recent short-term income protection product (STIP) final guidance.

The Financial Services Compensation Scheme (FSCS) has paid out £136m in mis-sold PPI claims since 2008.

The FSA is considering proposals to introduce time limits for PPI complaints, as put forward by the British Bankers' Association (BBA).

The final cost to the country's banks for payment protection insurance (PPI) mis-selling is likely to be about £25bn, according to The Times.

There appears to be confusion among consumers, some financial advisers and in particular claims chasing companies, when it comes to payment protection insurance (PPI) and income protection (IP).

The Money Advice Service (MAS) is still in discussions with the Competition Commission regarding the lack of Payment Protection Insurance (PPI) comparison tables on its website, the Association of British Insurers (ABI) has reported.

Lloyds Banking Group has earmarked a further £1bn to pay customers who were mis-sold payment protection insurance.