UK Banks May Have £1 Billion Payment Protection Insurance Shortfall

UK Banks May Have £1 Billion Payment Protection Insurance Shortfall

It was a scandal that has rocked the UK’s banking industry over the last few years; the mis-selling of payment protection insurance on credit cards and personal loans. The result was that banks were forced to refund premiums and other costs associated with policies that were not appropriate for the customers’ circumstances; self employed customers for example who were sold policies that were only relevant to employees. New information though suggests that, although policy premiums and interest has been refunded where necessary, some associated charges have not. The level of shortfall may be as much as £1 billion. Read the full story.