Banking industry gives up on PPI mis-selling battle

According to the BBC, the banking industry has abandoned a legal fight over the mis-selling of payment protection insurance (PPI).

The banks’ decisions mean that several million people may now be eligible for a compensation payment.  PPI policies are supposed to cover loan repayments if someone falls ill, has an accident or loses their job but many of these policies are thought to have been mis-sold.

A guide on how to reclaim your premiums has been put onto the BBC website as well as a Q&A guide on what happens next.

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