Banks 'failing to pay redundancy insurance'
www.moneynews.co.uk > Insurance > Banks 'failing to pay redundancy insurance'
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Banks 'failing to pay redundancy insurance'
Mon 3rd Aug 2009
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As the viability of payment protection insurance policies for those who take out loans has been scrutinised in recent months, around one in six applicants claiming the insurance are being refused due to small print or claims that they were mis-sold, according to the financial ombudsman.
The policies offer protection for those who are not earning but have loans, credit cards or mortgages to pay.
Liberal Democrat spokesman Vince Cable condemned the banks' behaviour as "outrageous and unforgiving".
He added: "The same banks that profited from selling the insurance products are now potentially making these families homeless by dishonouring the policies."
Last month, consumer group Which? said that payment protection insurance is a point of much confusion and many people are still being sold it unnecessarily.
Click here for more insurance news
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