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PPI Claim News - 8/1/2010

Virgin Money considers offering PPI with retail banking move

Virgin money has said that it is considering selling payment protection insurance (PPI) as it begins its move into high street banking, the Financial Times reports today (January 8th).

Sir Richard Branson's company has announced that it is purchasing the small Yeovil-based bank Church House Trust as its first step towards becoming a major retail bank.

Jayne-Anne Gadhia, chief executive of Virgin Money, told the news provider that the company may start selling PPI as part of its new offering.

Previously, Virgin Money offered a number of financial products in conjuction with other firms, but with the purchase of Church House it will gain its own banking licence.

As part of the Church House Trust deal, it is set to invest £37.5 million in the company.

PPI has proved controversial in the past, with many high-profile cases of mis-selling.

The government has said that major high street banks are likely to face being broken up in order to inject new competition into the retail banking sector. Virgin could be set to benefit further as this process takes place.

Belmont Thornton can help you make a PPI claimPayment Protection Insurance Claim, or a credit card charges claim. For free PPI Claim advice call 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim pack or credit card charges claim pack.ADNFCR-2776-ID-19548286-ADNFCR

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