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This fact file was first published in May 2010 and follows on from the earlier one by Tony Wiltshire. A payment protection contract is a non-investment insurance contract which has elements of a general insurance contract. Promoted benefits of a PPI contract are that a policyholder can protect his or her ability to continue to make payments due to third parties. The FSA regulates UK-based insurers and intermediaries; other European firms operating in the UK are regulated by their home country regulator ...