MPPI referred to Competition Commission

clock

The Office of Fair Trading has referred the payment protection insurance market, including mortgage PPI, to the Competition Commission for further investigation following its consultation with businesses, consumer organisations and trade associations.

John Fingleton, chief executive of the OFT, says examination of the evidence received following the OFT’s proposal to refer the PPI market to the commission in October gives it reasonable grounds to suspect there are features of the market which restrict competition to the detriment of consumers. He says: “Despite some evidence of a degree of consumer satisfaction with aspects of the product, the evidence as a whole suggests consumers get a poor deal. This referral will enable the Competition Commission to undertake a thorough investigation of the market and, if necessary, ensure that app...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Investment performance 'far from most important thing' in advice

Investment performance 'far from most important thing' in advice

Investment performance has an impact but not most critical factor in advice

Sahar Nazir
clock 19 November 2024 • 1 min read
Plugging the gaps: Revisiting risk profiling tools

Plugging the gaps: Revisiting risk profiling tools

Risk profiling tools can vary considerably

Julie Hardie
clock 19 November 2024 • 5 min read
Wealth managers expect AI to increase revenues by 12% by 2028

Wealth managers expect AI to increase revenues by 12% by 2028

PwC: AI to drive revenue growth in asset management

Cristian Angeloni
clock 19 November 2024 • 2 min read