Get your violins out for Insurance company Norwich Union, they’re all upset because they’ve taken an £80million hit from the clampdown on unfair Payment Protection Insurance (PPI).

So just think, they were taking £80 million from their customers for insurance cover that may have been mis-sold and completely useless. It’s no wonder that thousands of people are making PPI claims when they see just how much they’ve been taken for a ride.

Norwich Union doesn’t actually provide PPI but backs policies sold by loan and credit card companies in the PPI industry. Overall PPI industry profits fell to £245m last quarter after the Competition Commission ruling that PPI can’t be sold at the same time as loans to prevent any future unfair PPI claims arising.

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