Ian Williams of moneysupermarket.com says, "As a product there is nothing fundamentally wrong with payment protection insurance. But for too long many lenders have been hard-selling selling PPI policies that were often inappropriate, expensive or unnecessary. So lenders have nobody to blame but themselves for the Competition Commission's recommended ban on point of sale selling of PPI.
“What we need now is for there to be a vibrant and competitive market in stand alone PPI insurance so that people with debts can insure themselves against the risks of being unable to repay them due to accident, sickness or unemployment. A more transparent and competitive market for PPI should lead to cheaper cover. You should shop around for the best deal and ensure that the cover is appropriate and meets your needs".