Norwich Union have taken an £80 million hit from the clampdown on unfair Payment Protection Insurance (PPI).
Previously they were taking £80 million from their customers for insurance cover that may have mis-sold and might have been completely useless. It’s no wonder so many people are are making PPI claims when they see just how much they’ve been taken for a ride.
Norwich Union doesn’t provide PPI but backs policies sold by other loan and credit card companies in the PPI industry. Overall PPI industry profits fell to £245m last quarter after the Competition Commission ruling that PPI can’t be sold at the same time as loans to prevent any future unfair PPI claims from arising.
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