Insurer welcomes payment protection insurance referral

Independent provider British Insurance has welcomed news that the Office of Fair Trading is referring the Payment Protection Insurance (PPI) market to the Competition Commission.

 

Simon Burgess from British Insurance says: "For too long consumers have been coerced into paying over the odds for their insurance, via their loan providers.  Lenders intimate that those who take out PPI cover are more likely to secure a loan, which is outrageous. I am delighted that moves are underway to stop these under-hand selling tactics.”