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Homeowners in line for £60 million PPI mortgage insurance refund

The Financial Services Authority (FSA) has today announced a new initiative which will see mortgage companies pay back up to £60 million to consumers who are being impacted by changes in mortgage PPI schemes. It was revealed that a number of companies have in fact increased the premiums associated with mortgage PPI arrangements while at the same time reducing the cover available as they became more and more concerned about excessive claims.

However, the FSA has now stepped in to protect the estimated 2 million people who have been impacted and under an agreement with the industry a total of £60 million in additional PPI premiums will be repaid to customers and levels of cover returned to those available before the start of 2009. The £60 million repayments will cover schemes which have changed in 2009 although there is likely to be further investigation into earlier PPI agreements in the future.

A number of mortgage holders in the UK fell into the PPI insurance trap because many mortgage companies automatically included them in their mortgage arrangements. As a consequence, a number of PPI mortgage insurance arrangements were in effect irrelevant to many customers as they were paying for cover which they already had.

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