Take PPI away from credit providers says British Insurance

In its Provisional Findings Report, the Commission states that consumers are overcharged £1.4bn a year for PPI – representing a 490% return on equity for the 12 largest distributors. Typical commission rates are between 50 and 80% for Personal Loan and Credit Card PPI and 40-65% for Mortgage PPI.

The Commission concludes that because lenders know they have a monopoly in selling PPI at the time of the loan application, they charge high prices at the expense of the consumer.

In a bid to reduce

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected].

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: