Competition Commission to look at payment protection insurance
The UK Office of Fair Trading (OFT) today referred the payment protection insurance (PPI) market to the Competition Commission (CC) for further investigation.
PPI protects a borrower's ability to make mortgage, loan, or credit card repayments in the event of accident, sickness, or unemployment. The OFT's decision follows a "super-complaint" by Citizens Advice, which claimed that features of PPI seriously harmed the interests of consumers.
The CC has started by asking for evidence from all interested parties.
Frontier (London) advises HSBC.
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