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CC presses on with PPI overhaul despite Barclays appeal

The Competition Commission is pressing ahead with its overhaul of the the payment protection insurance market, despite an ongoing appeal by Barclays.

In a statement issued today, CC deputy chairman and inquiry chairman Peter Davis said while the independent body is waiting for the outcome of the appeal, “we are pressing ahead with the detailed work needed to put these measures in place”.

The package of measures includes the prohibition of credit point of sale PPI and single-premium policies, and a requirement for PPI providers to issue annual reviews and improved literature.

However, in April this year Barclays challenged the CC over its decision to ban PPI at the point of sale. The appeal hearing takes place from September 7 to 10.

But Davis says: “By continuing with the necessary preparations like this, we can hit the ground running once the appeal is finalised and we have considered the Competition Appeal Tribunal’s judgment. If the CAT supports our findings, taking these steps now will help ensure there is no unnecessary delay in resolving the significant competition issues that we found in this market and in delivering a better outcome for consumers.”

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