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Payment Protection Insurance Plans Under Fire

In a move which many believe will see the end of the Payment Protection Insurance (PPI) sector the Competition Commission has indicated a number of possible changes which will give power back to the consumer. The changes involve forcing retailers to advise clients that they can buy their PPI cover elsewhere, price caps and annual subscriptions which need to be agreed by the consumer.

The proposed changes in the PPI system have come about after the Competition Commission found that the UK consumers were overpaying to the tune of £1.4 billion because many were unaware that they could actually ‘shop around’. It seems as though the vast majority of consumers were under the impression that they had to purchase PPI cover from the retailer they were dealing with, even though this has never been the case.

However, the Association of British Insurers are adamant that the proposed changes to the PPI sector will see the consumer worse off, with many set to suffer as the rate of unemployment starts to rise and they have no cover to fall back on. There are hopes that some kind of compromise can be reached but either way it looks as though the PPI sector will need to change and adapt in the future.

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