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News

Ban On PPI Sale Set To Go Ahead

Restrictions look set to be placed on the sale of Payment Protection Insurance: PPI Law and Rules have cause a large amount of controversy in recent months, and the new ruling will inevitably provoke further attention.

The Competition Commision is seeking to ban PPI being sold at the same time as loans are being granted, seeking to ensure that customers are give the adequate time to find the best-value, most appropriate cover for them.

Though it has been confirmed, the decision is still provisional, with the final verdict on the matter to be delivered in July.

Potential plans for restricting PPI sales were actually being made as far back as January last year, with initial objections to the idea coming from Barclays, whose spokeswoman stated that ‘to prohibit PPI being sold at the point of credit sale and for a fixed period afterwards will limit, rather than enhance, customer options and will result in customers being exposed as unprotected.’

In reply, Peter Davis, the Commission Deputy Chairman, observed that ‘PPI providers are overstating the loss of convenience that would result from the introduction of a prohibition on selling PPI during the credit sale’.
If the plan does go through, then it is worth noting that the ban would not apply to the 2.5% of PPI plans that are taken out whilst shopping through the home catalogue market, as the PPI Law and Rules for this area.

In reply to the ruling, Barclays noted their disappointment, feeling that ‘In these times of economic uncertainty, adequate financial protection is more important than ever.’ Their disappointment was supported by both the Lloyds Banking Group, and also the Shop Direct Group Financial Services Ltd.

For more information on PPI law and rules, and for information on how you could claim back £10,000 or more in mis-sold PPI payments, simply fill in the Creditline Financial contact form on the homepage and we’ll get straight back in touch with you.

Posted by Shaun Edwards on 29 Jun 2010

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