British Insurance has welcomed the Office of Fair Trading's decision to refer the payment protection insurance market to the Competition Commission...
British Insurance has welcomed the Office of Fair Trading's (OFT) decision to refer the payment protection insurance (PPI) market to the Competition Commission.
British Insurance's Simon Burgess said: “For too long consumers have been coerced into paying over the odds for their insurance, via their loan providers. Lenders intimate that those who take out PPI cover are more likely to secure a loan which is outrageous. I'm delighted that moves are underway to stop these under-hand selling tactics.”
The OFT has asked the Competition Commission to investigate concerns of low claims ratios, high commission rates, price differentiations and product variations and impose or facilitate solutions that will ensure consumers get a better deal.
