Martin Sincup, protection product manager at LV=, explains how and when the Competition Commission ruling will affect brokers selling payment protection-style products.
The Competition Commission started investigating payment protection insurance (PPI) back in 2007 - something that had been on the cards for a while and was mainly driven by high levels of complaints from PPI policyholders. The Commission found that the biggest issues were with the sale of accident, sickness and unemployment (ASU) style products, so as you would expect, the various types of PPI, MPPI and ASU were looked at. However, the Competition Commission was also concerned that products that ‘smelled like' PPI should also be included. This meant that the fairly-new-to-market sh...
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