PPI/CC news is 'unreal' and 'absurd' says law firm

Simon Morris, a partner with CMS Cameron McKenna, said of the PPI/Competition Commission news: “This is unreal. The Competition Commission suggestion that firms be banned from selling PPI (Payment Protection Insurance) to customers to protect their loans or other credit product demonstrates no grasp of how business works or of how people behave. “People who buy a loan product are highly unlikely to want to shop around for insurance against future inability to pay. They will be the losers if the unexpected occurs. The Commission’s objection that PPI is sold as an ‘add-on’, and so there is something shifty about this, is as absurd as saying that a car should be sold without tyres so that the motorist can then shop around for a better deal.”