The bearded Virgin man, Sir Richard Branson is going to bring back the love for Payment Protection Insurance (PPI). Well, he’s going to try his best as Virgin Money announced that it was re-entering the retail banking market after a 9 year absence. Virgin plan to buy a tiny Yeovil-based bank called Church House Trust as the foundation for a full on assault of the banking industry.

Virgin are planning to team up with the Bank of America and sell financial services including Payment Protection Insurance to UK consumers as an alternative to the untrusted and traditional banking houses. It wouldn’t be the first time Virgin have taken a chance on a seemingly dead duck or out of favour product but it can expect tough competition from one of the largest retailers in the world – Tesco.

Who knows, 10 years from now we could have a whole new banking system containing ‘next generation’ companies and led by two of the most trusted brands in the UK. If it means more competition, better value for money and an honest selling policy then bring it on.

Related posts:

1. Payment Protection Insurance Mis-selling Catches Up With Sub-Prime Lender
2. So Many PPI Claims But The Banks Will Get Their Money Back
3. PPI Compensation Claims Rise As Barclays Win Appeal
4. PPI Claims And Unemployment Keep Premium Costs Up
5. Despite PPI Compensation Claims Flooding In, The Insurance Still Has Supporters