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'Delay' on PPI recommended

Consumers should not be sold payment protection insurance (PPI) within 14 days of buying a loan, the Competition Commission (CC) has announced.PPI is designed to allow people to still repay loans even if they suffer a loss in income or health.However, the CC said that the "vast majority" of the 13 million PPI policies in the UK are sold to customers at the same time as they take out their loan.This has led to many not realising that they can purchase PPI from other outlets."Consumers rarely shop around to compare prices and terms and conditions of PPI policies and rarely switch PPI providers," the CC said in a statement."This 'point-of-sale' advantage makes it difficult for other PPI providers to reach credit providers' customers and in the absence of such competitive pressure, PPI distributors are able to charge high prices."The 14-day recommendation forms part of the CC's investigation into how competition in the PPI market can be increased.

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