Banning payment protection insurance at point of sale will harm consumers
Wed, 09 Jul 2008
The secured loan industry body, FISA, is claiming that banning the sale of payment protection insurance (PPI) at the point of sale of other credit products would run against the Financial Services Authority's (FSA’s) Treating Customers Fairly (TCF) principles.

The recommendations suggested by the Competition Commission (CC) as a possible solution for the problems in the PPI market have been described by FISA as unnecessary, as it says there are sufficient safeguards already in place for consumers.

FISA also describes proposals put forward by the CC to put a temporary price cap on PPI to reduce prices across the board as "extreme". John Parker, FISA chief executive, said: "There is much in the provisional findings from the Commission that FISA is supportive of, however, we believe that a number of the remedies outlined will have a negative impact on product choice, policy cover and borrower protection in the secured loan sector."
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