Despite on-going investigations by the Competition Commission, a number of PPI providers continue to over-inflate premiums, use jargon to confuse purchasers and adopt ‘bully-boy’ tactics to achieve sales.
Although the Office of Fair Trading referred this sector to the Competition Commission in February 2007, the deadline for implementation for any ‘remedial measures’ isn’t until February 2009.
I applaud the efforts of the FSA in helping to weed out unscrupulous providers, but I wonder if it feels like the Lone Ranger without Tonto. We need intervention from the Competition Commission now – not in 18 months’ time, when even more vulnerable consumers will fall victim to dubious sales practices.
Yours sincerely
Simon Burgess
Managing director
British Insurance
get the daily news delivered to your inbox
find the latest industry jobs
download our news ticker
