Calls for an end to single premium payment protection insurance (PPI) have been welcomed by insurance brokers.Yesterday the Financial Services Authority (FSA) wrote to firms to ask them to stop providing the policies alongside unsecured loans immediately, rather than wait for a Competition Commission ban to come into effect next year.And the British Insurance Brokers' Association (Biba) has backed the request, describing the products as "bad value in many cases".With the policies adding the cost of cover on to the unsecured loan itself, consumers were found to be unknowingly paying interest on the insurance in some instances.Biba chief executive Eric Galbraith remarked: "We fully support and welcome the FSA's move to withdraw the sale of single premium (PPI) with unsecured loans," adding: "This news is excellent for the customer."Consumer campaign group Which? also praised the move, adding that lenders continuing to provide the product beyond the May 29th deadline suggested by the FSA should be named and shamed.
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