The deadline for banks to resolve payment protection insurance (PPI) complaints has arrived.
During a judicial review in June, the Financial Services Authority extended the deadline for Barclays, Lloyds Banking Group and RBS to resolve the complaints until 31 August.
However, financial research and software company Defaqto has urged people not to turn their backs on protection insurance in general.
“Despite the well-documented problems with the selling of PPI, it is important for people not to be turned off protection insurance as a whole – and, critically, a line needs to be drawn under PPI to restore consumer confidence in protection products,” Defaqto insight analyst for life and protection Ben Heffer said.
He added: “It is important for people to have appropriate protection in place for their needs and circumstances. People need to ask themselves how they and their dependents would cope financially if for example they lost their job or fell ill.”
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