The new arrangements will mean that everyone taking out a single premium payment protection insurance policy will be entitled to a partial refund of the premium if the policy is cancelled early. These have been agreed following discussions between the FSA, BBA and other industry trade associations.
Angela Knight, incoming chief executive of the BBA, said: “Banks have already implemented the changes announced today by the FSA, but people who are borrowing from other lenders can now benefit too.
This is cache, read story here
