Payment protection insurance report greeted as victory for consumers

Wed, 19 Nov 2008

The consumer website Which ? is claiming that the recommendations in the Competition Commission's report regarding payment protection insurance (PPI) represent a "victory for consumers".

The recently published report recommends that point of sale PPI deals should be banned where consumers are sold PPI by the same banks who are providing their loans at the same time. Which? says because of these deals, consumers have frequently bought "poor value" products.

Which? said: "This is a huge victory for consumers who have often felt pressured into buying expensive and inadequate PPI products. The Competition Commission has listened to the consumer voice and has taken decisive action."

In its report, the Competition Commission revealed that consumers hardly ever shopped around for the best deals on PPI and many were completely unaware that PPI could be bought from other providers. The aim of the Competition Commission is to ensure that healthy competition exists, which in turn will benefit consumers and the economy.
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