The Financial Services Authority (FSA) has written to all firms still selling single premium Payment Protection Insurance with unsecured personal loans asking them to withdraw the product as soon as possible, and by no later than 29 May.
The letter, which has been sent to chief executives, follows the decision last month by a number of major banks to step these products. Some of these firms, along with other market players, now offer or plan to offer regular premium PPI instead of a single premium product.
Income protection insurance: News update: 25/02/2009
