Banks Making Huge Profits From Payment Protection 3816762268780510832-blid-5077541959736176431

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The Competition Commission has been conducting an in-depth review of the payment protection insurance sector after a referral from the Office of Fair Trading, and following on from the Financial Services Authority who began investigation in 2005. There have been many problems within the sector including high premiums being charged for the cover and just recently the Commission announced that banks are raking in 80% of the premiums that they charge for payment protection in profits.