View more on these topics

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.”

Recommended

Group dynamics

Here we are eight months down the line from the FSA’s November 2008 feedback statement and we are little closer to knowing how the retail distribution review will treat workplace pensions.

Harris Associates' view on the UK’s vote to leave the EU

By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com