Banks are creaming off up to 80 per cent of the premiums charged on controversial loan protection insurance, the Competition Commission said yesterday.
Consumers paid £4.4billion in premiums on Payment Protection Insurance (PPI) last year, the watchdog said, with the bulk of it hoovered up by banks, building societies and other finance companies.
The commission is taking the unusual step of using its legal powers to force the industry to open up its books, accusing banks of being too slow to reveal how much they are making from this loan "protection racket".
**Add to that the illegal "charges" on overdrafts that shaft customers, an its no wonder that they make a nice profit.
Tags: Banks
Loan Protection
PPI
.
0 people have spoken:
Post a Comment