Analysis: Is the OFT's PPI referral appropriate?

clock •

The Office of Fair Trading recently announced it is referring the payment protection insurance market to the Competition Commission, but some advisers and providers have raised doubts about whether such a move is 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 co...

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

Join

 

Already a Professional Adviser member?

Login

More on Protection

Budget 26: The protection and health impact

Budget 26: The protection and health impact

Protection industry reflects on missed opportunities

Cameron Roberts
clock 30 October 2026 • 5 min read
Is failing to protect a client's income an oversight or neglect?

Is failing to protect a client's income an oversight or neglect?

What happens to your financial plan if your ability to earn reduces or stops?

Kevin Carr
clock 29 October 2026 • 3 min read
Why the protection gap is a problem of reach

Why the protection gap is a problem of reach

'Most people I meet have never had protection properly explained to them'

Cherian Skariah
clock 16 October 2026 • 4 min read