Mortgage PPI customers could see millions in refunds
Fri, 23 Oct 2009
Mortgage customers who have seen a rise in payment protection insurance (PPI) premiums this year could be in line for refunds.

A deal brokered between the Financial Services Authority (FSA) and the banks, building societies and insurers will see £60 million returned to customers on mortgage payment protection insurance (MPPI). The deal has come as a result over concerns about the the rising cost of PPI .

With the UK in recession, there has been an increase in MPPI costs and the risk of customers making a claim has risen, just as younger drivers have higher car insurance premiums because they are more likely to crash. However, there have been concerns that the hike in rates could put people off getting cover which would then put them at greater risk.

The industry has been told to proactively refund customers and increase cover if the policies have been cut back. If a customer has cancelled a policy, they will be offered the chance to reinstate their cover.
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