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Payment Protection - Bursting the balloon.
(From Post Magazine)
In 2006 the payment protection insurance industry received unrelenting bad press, along with criticism from the regulator for its poor sales tactics and high prices despite comparatively low claims ratios. And with an Office of Fair Trading decision to refer the market to the Competition Commission expected imminently, the controversy shows no sign of abating.
Towards the end of last year, just a few months after Norwich Union, St Andrews and Amtrust were forced to amend their terms relating to refunds for cancelled policies when customers pay back loans early, the Financial Services Authority began fining firms for mis-selling PPI.
- OFT refers the PPI market to the Competition Commission.
- Press release article from: M2 Presswire February 7, 2007 700+ words
...market to the Competition Commission (CC) for further...reference to the Competition Commission' from the OFT...will enable the Competition Commission to undertake a...Services Authority (FSA) is doing to remedy...
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- Press release article from: M2 Presswire November 6, 2007 700+ words
...Financial Services Authority (FSA) to ensure that both organisations...paying close attention to the FSA's work relating to selling...initiatives in response to the FSA's work. As well as the emerging...available at: http://www.competition-commission.org.uk/inquiries/ref2007...
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- Press release article from: M2 Presswire February 8, 2007 700+ words
...Financial Services Authority (FSA) to ensure that its investigation takes into account the FSA's ongoing work to remedy...initiatives in response to the FSA's work. The CC would like...Secretary (PPI market inquiry) Competition Commission Victoria House Southampton...
- Competition Commission publishes final report on store cards.(Australian...
- News wire article from: Mondaq Business Briefing March 13, 2006 700+ words
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- Payment Protection Insurance 'failing consumers' - OFT proposes to refer the...
- Press release article from: M2 Presswire October 19, 2006 700+ words
...PPI market to the Competition Commission(C)1994-2006...market to the Competition Commission and has published...appropriate for the Competition Commission to investigate...Services Authority (FSA) to ensure a joined...
- FLA response to Competition Commission store card inquiry provisional findings.
- Press release article from: M2 Presswire September 14, 2005 700+ words
...FLA: FLA response to Competition Commission store card inquiry provisional...naturally concerned by the Competition Commission's provisional findings...members to see how the Competition Commission's recommendations fit...since 14 January 2005, FSA has regulated this area...
- Competition Commission to reveal PPI information.
- Magazine article from: Financial Adviser November 15, 2007 700+ words
...on the loans. A Competition Commission investigation was...companies. The Competition Commission has taken the unusual...further." The Competition Commission said it planned...next year. The FSA has defended the...
- OFT Refers PPI Market To Competition Commission.(Office of Fair Trading,...
- News wire article from: Mondaq Business Briefing Hankey, Susan February 8, 2007 700+ words
...insurance (PPI) market to the Competition Commission (CC) for in-depth investigation...Financial Services Authority (FSA) has also been reviewing PPI. The OFT and FSA have explained that they agree that "FSA action targeted at selling practices...