Parasitic PPI claims

SIR – I am disturbed that the Financial Conduct Authority is urging people to claim for compensation for being mis-sold payment protection insurance (Business, August 29). This gravy train increasingly resembles the personal injury compensation industry.

I once had a payment protection policy. I do not consider that I was mis-sold the product and I cancelled it when I felt it was no longer needed. I resent the opportunism of those now claiming to have been mis-sold a product that they bought without duress.

In their defence, the argument will be advanced that nobody pays. In fact we all pay, in higher costs for financial services in the future. Andrew Schofield

London SE17