Competition Commission seeks to increase PPI availability
The Competition Commission has today issued a ruling on payment protection insurance (PPI) and its availability when acquiring personal loans, mortgages and credit cards. Initially there had been moves to ban PPI at the point-of-sale for the above financial instruments and allow customers to shop around for the best PPI option available. However, Barclays Bank took the issue to court and the Competition Commission was ordered to review its earlier findings.
The Competition Commission has now ruled that an increase in availability of PPI will assist consumers and inject more competition into the sector. There has always been concern that PPI products sold at the point-of-sale faced little or no competition with many financial companies tied to specific providers. Many people also questioned whether PPI was actually required by some consumers who may well have other insurance protection running at the same time.
Whether or not we see further challenges from banks and building societies around the UK remains to be seen but the Competition Commission seems determined to increase the availability and competition in the PPI market. The very fact that consumers are now more aware of the situation is certain to help the cause of the Competition Commission.
Share this..
Related stories
Do you really understand how your car insurance works?
One element of car insurance which many consumers cannot get their head around is the fact that you buy a car, you insure the car for the value at the time (with the premiums calculated on the situation then) but if you are involved in some kind of crash of accident and your car is written off you do not always receive the full value on the insurance documentation. So how does this work?
<...
Equitable Life chief executive urges policyholders to accept compensation
Chris Wiscarson, the chief executive of Equitable Life, has today stepped into the mix with regards to the ongoing compensation claim being handled by the UK government. It is believed that customers lost in the region of £4 billion - £4.8 billion when Equitable Life was forced to renege on a number of promises on some of its investments. However, the chief executive of the Equitable Life believ...
Read MoreLloyds bank set to disinvest stake in esure
Lloyds bank has today revealed plans to sell off its 70% stake in esure at a price which is believed to be in excess of the current book value of £185 million. It is believed that Peter Woods, co-founder and chairman of esure, is to acquire the stake via a new holding company. Those who follow the insurance market may be aware that Peter Woods, originally famed because of his Direct Line insuranc...
Read MoreDon't forget to pack the insurance, holiday makers urged
As many as 20 per cent of travelers go on holiday without travel insurance, according to insurance provide Churchill.Trying to save money by traveling uninsured could cost holidaymakers a fortune in the long-run - the Foreign and Commonwealth Office (FCO) reports that an air ambulance in the Canaries could cost as much as £12,000 to16,000 or a scheduled flight, stretcher and medical escort home f...
Read MoreAviva rejects approach from RSA
It has today been revealed by Sky news that UK insurance companies Aviva and RSA have been in communication regarding a potential sale of the Aviva general insurance division. It is believed that RSA made an offer of around £5 billion for the operation which was immediately rebuffed by Aviva. It is not clear why the approach was not publicised at the time, reported to have been last month, but th...
Read More