Taxpayer-backed Lloyds Banking Group has axed the sale of controversial debt insurance across all its brands in a landmark move, MoneySavingExpert.com can reveal.
Banks and building societies will face curbs on dipping into your savings to clear debts, under proposals from industry regulator, the Financial Services Authority (FSA).
Cash Isa providers will finally have to display the interest rate paid on statements, while they must also speed up transfer times when savers switch accounts.
Mortgage lenders have been banned from hitting borrowers behind on payments with punitive charges if they have already set up a payment plan to clear any arrears.
Many victims of debt insurance mis-selling will get a temporary extension to the time they have to complain to the Financial Ombudsman Service, if rejected by their lender.
28 May 2010
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