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PPI sales to be reformed by Commission
Single-premium PPI is to no longer be offered by UK providers from 2010.
This is because, unlike other forms of the cover, it "locks in" policyholders from point of sale and makes it difficult for them to switch providers at a later date.
A seven-day cooling-off period between taking out a loan and buying a PPI policy from the same provider is also to be enforced.
One of the major criticisms of the way PPI policies have been sold is that they were commonly bundled in as a "default" option - when in fact the customer would be paying non-essential premiums for the insurance.
Peter Davis, the Commission's deputy chairman, said: "The 'point-of-sale' advantage has meant that leading providers have faced little competition for PPI and, as a result, have charged persistently high prices.
"Consumers' interests are not best served when the only choice the vast majority have is whether or not to purchase their credit provider's PPI product."
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2009-01-29 12:55:02 © Moneyextra.com
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