Competition Commission and the ban on PPI
The Competition Commission has recently published a final order which seeks to introduce competition into the payment protection insurance market. The point-of-sale prohibition won’t come into effect until 06 April 2012. It will prevent lenders from selling PPI at the same time as loans and other financial products. Lenders looking to sell PPI will have to wait at least seven days after the credit sale.
A raft of other measures will also be introduced. Single premium PPI will be banned and lenders will have to provide a personal PPI quote detailing the cost of the cover and the level of cover provided.
Anyone who has taken out payment protection insurance, particularly single premium PPI, should check to see whether they are entitled to claim compensation. Many people are not even aware that they have taken out PPI and in other cases the lender did not fully disclose sufficient information about the product to enable the consumer to make an informed choice. If you are unsure about whether you are entitled to make a claim, read the PPI check list to see if you have a potential claim.