Banks told to cool it on insurance policies

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Tough new rules will require banks to wait seven days before offering the "safety net" cover, which cost borrowers a total of £4 billion in premiums in 2007.

The Competition Commission said consumers were being ripped off because they were not given a chance to shop around for payment protection insurance, which covers them if they lose their job or fall ill. Consumer groups welcomed the move, but said it had come too late. Louise Hanson, head of Campaigns at Which, said: "For too long consumers have suffered from expensive and inadequate protection."

But the PPI industry said the Competition Commission ruling left millions of borrowers vulnerable during a difficult time.

Stephen Sklaroff, of the Finance and Leasing Association, said: "By preventing customers from protecting their repayments at the time they take out a loan, the Commission has made it much less likely that they will do so at all."