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Payment protection market 'needs reform'

Payment protection insurance (PPI) providers will have to be much clearer about the information they give to customers in the future.

On October 1st the results of the Competition Commission's inquiry into the PPI market come into effect.

Its guidelines state firms will need to clearly declare that PPI is optional and that other providers are available. Also, the provider will grant the client an annual review detailing what PPI costs and reminding the customer of their right to cancel the cover.

Ben Heffer, insight analyst for life and protection at Defaqto, welcomed these changes and said they may begin to address the well-documented problems within the market.

"A line needs to be drawn under PPI to restore consumer confidence in protection products as a whole," he added.

Figures from the Financial Services Authority show banks and providers paid out a total of £215 million between January and June 2011 in compensation for mis-selling PPI.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-800739678-ADNFCR

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