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Towergate to sell off PPI arm, Sky reveals

Financial firm Towergate is lining up the sale of its payment protection insurance (PPI) division, which could lead its owner to make hundreds of millions of pounds, Sky News has revealed.

Owner of the firm, insurance broker tycoon Peter Cullum is looking to sell Paymentshield, the arm of the company that sells policies to cover mortgage payments and home insurance as well as PPI. Although there have been other considerations for the division's future, including expanding it within Towergate.

The arm has enjoyed a great deal of success in recent years and has avoided becoming embroiled in the wider mis-selling scandal.

Speaking to Sky News, a spokeswoman from Towergate revealed the firm was "proud" of not being guilty of mis-selling, adding that it was very pleased with its growth in recent years.

The payment protection insurance scandal has cost the banking industry in the UK upwards of £11 billion.
Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801484475-ADNFCR

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