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moneysupermarket.com comments on the Competition Commission's findings into PPI

Moneysupermarket travel insurance and health insur

Commenting on the Competition Commission's findings into PPI, Clare Francis of price comparison site moneysupermarket.com, says, "PPI has been a cash cow for lenders for too long and this crackdown is welcome. Standalone PPI is cheaper than that sold by lenders alongside a loan, so consumers will be able to use their personal PPI quote as a benchmark price and shop around during the two-week cooling off period. We anticipate that this move will give standalone providers a great opportunity to steer consumers toward better value PPI products without any sales pressure. PPI is over priced and over sold but there is a place for the product. The biggest reason for people seeking help with their debts is a change in personal circumstances such as an accident, sickness or unemployment and this is exactly when an appropriate PPI policy can prove a wise purchase. And with the country now in the grip of recession and unemployment on the up it could prove invaluable to an increasing number of people."

   

Income protection insurance: News update: November 2008

 

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