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Barclays backs down on payment protection

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In a U-turn worthy of a politician, Barclays has at the last minute performed a U-turn on its decision to offer loan coupled payment protection insurance (PPI) with its Firstplus second charge mortgage range.

 

Last year, the bank was heavily criticised for linking loans and insurance, and how it sold them. But it appeared to trundle on regardless.

 

With the Competition Commission about to make a ruling on the payment protection market, the bank is beginning to see that it is not bullet-proof from criticism or censure.

 

The bank now plans to offer mortgages and a wider range of protection products in an unbundled, unlinked way. This will enable customers to buy a more suitable insurance product.

 

Detailed products specifications are still being finalised. 

 

Income protection insurance: News update: June 2008

 

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