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Summary - Finance
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1. Personal Protection Insurance (PPI) is a type of insurance that aims to cover therepayment of loans or debts in cases of temporary disability due to unemployment,
illness or death.
2. Personal protection insurance was mis-sold when some banks sold this insurance to
customers without clearly informing them of the terms and benefits and without it being
suitable for their circumstances.
3. People who purchased personal protection insurance without sufficient explanation
and without this insurance being appropriate to their needs are the most affected.
4. Mis-selling the PPI means prices inflate at a higher rate than is reasonable, causing the
cost of living to rise significantly.
5. Producer price index inflation negatively affects the economy and consumers, as it
reduces purchasing power and reduces the real value of money.
6. Compensation arrangements have been made for customers who were harmed by the
mis-selling of personal protection insurance, These arrangements include financial
compensation equivalent to the amounts they paid with an increase in some interest.
Some major banks in the UK had set aside large amounts, for example: Barclays: Over £9
billion, Lloyds Banking Group: Over £20 billion, RBS (Royal Bank of Scotland): Over £5
billion, HSBC: Over £4 billion.
7. Conclusions and recommendations indicate the need to tighten laws on the sale and
marketing of personal protection insurance, file a lawsuit to compensate affected
customers, and clearly explain the conditions to customers before selling.
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