PPI

The Financial Services Authority (FSA) says lump sum loan insurance, where the premium is added to your debt upfront and incurs interest, is virtually extinct.

The majority of consumers now get compensation from a bank or other financial institution when complaining to the free Financial Ombudsman Service.

Barclays is appealing a ruling by the Competition Commission (CC) to curb the sale of controversial, and frequently missold, debt insurance.

Lenders will be banned from selling loan insurance within a week of selling a credit card or loan, it was announced today.