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Competition Commission publishes PPI report
The UK Competition Commission (CC) has today published its final report into the payment protection insurance (PPI) market, following an original "super-complaint" from Citizens Advice in 2005. PPI covers repayments on credit products if the borrower is unable to make repayments due to accident, sickness, unemployment. The CC has concluded that businesses that offer PPI alongside credit face little or no competition when selling PPI to their credit customers.
The CC will therefore introduce a package of measures coming into force in 2010: a ban on the sale of PPI during the sale of the credit product and for seven days afterwards, a prohibition on single-premium policies, personal PPI quotes, annual statements and information measures.
Frontier (Europe) advises HSBC, including First Direct, HFC Bank and M&S Money.
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