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Competition Appeal Tribunal overturns PPI ban

Finance companies across the UK will this evening be breathing a large sign of relief after news that the Competition Appeal Tribunal has overturned the Competition Commission's proposal to ban PPI at point of sale for various loan agreements. It had been taken for granted that the Tribunal would uphold the earlier ruling by the Competition Commission so today's news is something of a shock.

Payment protection insurance has been a controversial subject for some time with many customers unaware that they were paying extra for this insurance when taking out loans and other financial instruments. A number of customers were already covered via their own insurance arrangements which in some cases negated the need to sell PPI to some customers.

Despite the fact that the original ruling has been overturned, the financial regulators are set to introduce stricter guidelines and more prominent mention of the PPI element of any loan agreement. Many people were totally unaware that they were actually taking out of PPI insurance at the same time as their loan which can, in the longer term, add a significant amount to the original debt. While something of a setback for the Competition Commission, we can expect further news and further action against various PPI sales techniques.

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