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Why did the Competition Commission lose an appeal against PPI?

The very fact that the Competition Commission Tribunal has overturned a recent judgement by the Competition Commission regarding PPI (payment protection insurance) has caused ripples across the whole financial sector. The case set out by the Competition Commission seemed to be fairly straightforward in that many people who agreed loans with their banks and other financial institutions were apparently "encouraged to take out PPI at the same time".



However, the situation has become a little less clear over the last few weeks with the likes of Barclays bank taking the Competition Commission to a Tribunal and overturning the ruling. PPI has brought in massive income for the UK financial sector with commission payable on each and every policy which is sold and when you consider the number of loans agreed in the UK on an annual basis, this is an enormous market.



As we covered yesterday, it is a totally separate issue to the manner in which a number of PPI policies have been sold with accusations of "hard sell" doing the rounds. If we take a step back and review PPI it is obvious that there is a need for some people to consider this particular insurance but also many people will already have a similar type of insurance in place which effectively negates the need for an additional PPI policy.

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