Sales ban on PPI will make it less popular
Tue, 06 Jan 2009
The proposed ban on selling payment protection insurance (PPI) at the point of sale will result in fewer customers taking it out, according to a MoneyExpert.com, who have conducted a new survey.

Research by the price comparison website revealed that 67 per cent of those surveyed felt they should be allowed to buy PPI when they sign up for a new loan or credit card . The Competition Commission proposed the ban on selling PPI at the same time as loans or credit cards as they said that under the current rules, customers are being overcharged by £1.4 billion annually.

Sean Gardner, Director of MoneyExpert.com, said: "The Competition Commission deserves support in its attempts to improve the sale of payment protection insurance in the UK but doesn't deserve support if its proposals lead to people missing out on insurance if they need it."

Recently, the credit card provider Egg was fined £721,000 by the Financial Services Authority for using "inappropriate" sales techniques to push PPI on its customers.
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