A damning report today exposes the "inexcusable scandal" of payment protection insurance (PPI) sales practices and blames a lack of competition for the problems facing the industry.
The Competition Commission (CC) report also suggests several measures it argues would improve the market for consumers, including banning a distributor’s right to sell PPI at the same time as another credit product, and introducing a price cap as a temporary measure to reduce prices. It is inviting comment on its suggestions The report say most of the UK’s 14 million PPI policies are sold at the same time a consumer takes out a loan, and argues consumers are unaware they can buy the products from other providers. It says this makes it difficult for other providers to reach these customers...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes