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PPI point of sale ban upheld

UK banks will no longer be able to sell payment protection insurance (PPI) at the same time as other financial products.

The Competition Commission (CC) has confirmed that providers will have to wait seven days before they offer the policies with credit cards, loans and mortgages.

The point of sale ban was initially announced last year but an appeal by Barclays held up the confirmation of the ruling.

Peter Davis of the commission admitted the new regulations may inconvenience some customers but claimed the benefits would far outweigh any drawbacks.

"These reforms will mean that PPI providers will, in future, face real competition where there is currently little," he said.

"And, in consequence, the prices consumers currently pay for PPI will fall significantly."

The CC has also banned the sale of premium PPI packages, in which the customer is required to pay the full amount of the policy upfront.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800117382-ADNFCR

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