Providers threaten payment protection insurance inquiry
Thu, 23 Oct 2008
An investigation into payment protection insurance (PPI) is under threat, says insurance specialist Burgesses.

According to the firm, providers continue to give "spurious" explanations of why they charge single premiums and refuse pro rata rebates. While investigating payment protection, the Competition Commission (CC) found that consumers pay over £1.4bn a year too much for PPI because finance providers in the £5.4bn market fail to compete properly.

Sara-Ann Burgess, director of Burgesses, says that it is "imperative" the CC does not give "disproportional weight" to comments from those providers that do not have consumers’ best interests at heart. The CC will be looking for further information from the market before making its final recommendations.

Ms Burgess said: "I hope the Commission refuses to let itself be hoodwinked as to the realities in this market and takes bold steps to make PPI work as it could and as it should."
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