Payment protection insurance review welcome

2.22.04pm UTC (GMT +0000) Thu 8th Dec 2005

Responding to the announcement today by the Office of Fair Trading that they are to launch a market study in to the operation of Payment Protection Insurance (PPI), Vince Cable MP, Liberal Democrat Shadow Chancellor said:

"I wrote to the Office of Fair Trading (OFT) in December 2004, and again in September this year to ask them to investigate the lack of competitiveness in the PPI market.

"The Financial Services Authority's damning report into PPI last month confirmed my fears on this subject so today's news is very welcome.

"PPI is all too often sold inappropriately, with poor advice, and the level and structure of inducements and targets for sales staff are a major cause of mis-selling.

"This is a huge industry, and huge profits are being made at the expense of consumers."

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