Payment Protection Insurance
This page was last updated on: 21/01/2008
Hot News Link (21/01/08 - HSBC unit fined £1m for PPI failings)
HSBC has been fined a record £1.09m by the FSA for failing to treat customers fairly when selling Payment Protection Insurance.Read more about this test case: 'HSBC unit fined £1m for PPI failings'
PPI is Payment Protection Insurance. This insurance policy is designed to cover the monthly payments if the policy holder becomes ill or is made redundant.
The term PPI is also used to describe other policies that you can buy separately to protect your debt repayments - but these are more properly called accident, sickness and unemployment (ASU) policies or income protection.
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