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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.

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