PPI is Payment protection insurance sold along with loans, mortgages, and credit card in the UK. Recently there has been a great deal of scandal surrounding the mis-selling of this insurance though. In 1998 Which? Magazine raised the question of whether or not PPI was a value to its purchasers (who were sometimes unaware they even had the insurance) because the product was of poor value and very costly. From 1998-2005 problems with PPI were continuously subjects of articles in the Daily Telegraph and the Sunday Telegraph. In February of 2005r the FSA overtook the regulation of the sale of general insurance and began a thorough investigation of PPI and the practices associated with the insurance. In September of 2005, Citizens Advice circulated a protection racket report detailing issues with the PPI market. In November, months later, the FSA issued its first report on PPI containing allegations that a lack of compliance controls existed along with inadequate selling practices.
For More Information On PPI Go to PPI Freedom