Changing the face of PPI
The bad atmosphere surrounding payment protection insurance (PPI) seems to have tainted the sector to such an extent that it may not survive much longer in its current form, writes Liz McMahon
In 2007, Defaqto likened the state of PPI to a Shakespearean tragedy: its fate seemed inevitable and fatal flaws numerous. In 2008, the financial reporting body asserted that the PPI party was over, while this year it questioned if there would even be a market for PPI in five years.
The mixed messages sent out recently have done little to clarify things. The success of Barclay's appeal against the Competition Commission (CC) on the point-of-sale issue sits awkwardly alongside the £700,000 fine
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