Saturday, October 16, 2010

U.K. banks banned from selling credit insurance

Barclays Plc, Lloyds Banking Group Plc and other U.K. lenders will be banned from selling most types of credit insurance at the same time they sell the underlying financial products, an antitrust regulator said.

The ban is to ensure that the consumer can get products at the best market rate by shopping around and not being pestered by banks selling expensive credit insurance. Hope such measures can be implemented in other countries e.g. Singapore.

U.K. Banks Banned From Some Credit Insurance Sales [via]

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