It's an incredibly successful £5bn industry with 20 million customers. But it's so worrying consumer watchdogs that it's been called a "protection racket" - and you may well have been the victim.

Two million customers have been sold potentially worthless payment protection insurance, it is claimed today.

Banks are said to be making as much as £1.5billion a year from the policies which cover monthly payments for goods, services or loans during illness and redundancy.