Popular in Course
verified elite notetaker
Popular in Business
This 8 page Document was uploaded by an elite notetaker on Sunday December 20, 2015. The Document belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 8 views.
Reviews for Recent-Proposals-By-The-CC--Competition-Commission33
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 12/20/15
Recent proposals by the CC (Competition Commission) may force a ban on lenders pushing the controversial PPI (Payment Protection Insurance) on customers. ppi Such insurance is often bundled with financial products like loans and credit cards to protect consumers should ppi they fall into a situation in which they are unable to meet the required repayments Roughly 6 5 million of these polices are sold every year, generating billions in profits for lenders The problem lies in the fact that many of these policies are miss-sold and a great number of those with them will never even be able to claim off them because of the complex terms and conditions that guarantee a payout In fact the Citizens Advice Bureau found that a staggering 85% of its clients had been denied a payout Lenders and the Association of British Insures have lashed back with statements that banning PPI altogether could "destroy the PPI market" Moreover there are customers that do or could rely on PPI whom would miss out if such a move went ahead Another issue that is been highlighted is that with the increasing number of job losses and considerable amount of turmoil that today's markets are in that PPI may be the only way to ensure borrowers are able to keep up with repayments The CC is justified in its claims that the cost of PPI is more than what it should be; this is down to the lack of market competition It's also pointed out that many consumers are under the impression that they are only able to obtain PPI from the company offering the line of credit, this however is not true In fact, in some cases obtaining PPI from an independent insurer could save you hundreds in premiums If you feel as though you are paying too much for your current PPI plan then you are also fully within your rights to switch insurance providers This process can prove tricky though, as a lot off the PPI taken out on are tied in with the repayment plan If you feel as though you are paying over the odds for your PPI then it's best to speak with an IFA (Independent Financial Advisor) who should be able to point you in the right direction ppi
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'