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
