"The Competition Commission proposals to reform the PPI market are welcome and in our view long overdue," he said. "But this issue has now been rumbling on for nearly three years and every day that passes is delivering more profits to the banks and credit companies who will retain their stranglehold on the market until forced to give it up.
"No one should be in any doubt that the rip-off will continue for as long as it takes to bring in these proposals, ensuring consumers are better informed on PPI. It's vital that customers understand what they are buying and it should be made easy for customers to switch if they choose to.
"The changes should put the emphasis back on consumer choice and value, giving a boost to the broker market particularly for mortgage payment protection insurance, which has always been a good source of advice and competitive deals."
