Analysis: Is the OFT's PPI referral appropriate?

The decision follows a damning report by the OFT which suggests consumers are being failed by the PPI market and the way products are purchased hinders competition. But Alan Lakey, partner at Highclere Financial Services, is unconvinced the referral to the Competition Commission will result in any improvements in the way PPI is sold. He states: "I'm not sure the referral will do much more than add a little bit of pressure on providers. There are so many committees investigating financial matters which come up with phrases but often don’t get things done." In particular, Lakey is conce...