Competition Commission comments on its investigation
- 27TH MAY 2007
In April the Competition Commission - which has been looking into the problems in the payment protection insurance sector - issued a statement as to what it was looking at and forthcoming plans.
One of the factors that the Competition Commission were investigating was if there was any indication that the sector was distorting, restricting or preventing competition within the sector. The statement identified those areas which they thought were relevant to this.
This will then be used as a rough guide when it comes to assessing all the information and evidence, which includes the first round of hearings which started in May and should end in July this year.
The investigation began after a series of complaints to the Citizens Advice Bureau regarding mis-selling of payment protection insurance policies as well as investigations by the Financial Services Authority and the Office of Fair Trading.
Simon Burgess from ethical and standalone payment protection insurance company British Insurance welcomes the investigation with open arms. Simon has not held back in the past when it comes to saying what he feels about companies who do nothing more than rip the consumer off by over-charging for protection, or conning them into believing protection has to be compulsorily bought alongside a loan or credit card.
If you want peace of mind when purchasing your policy then go to British Insurance, they are considered to be one of a very dwindling few of “the good guys” left in the payment protection insurance sector, offering low cost cover with some additional benefits not available by the traditional high street banks and lender policies.
