PPI industry set for massive upheaval, says Defaqto

With an annual turnover of around £4.5bn and profits in the order of £1.5bn the industry is likely to suffer a severe dilution of profits when the Competition Commission’s statement of remedies is published. If this includes de-coupling the sale of PPI from that of the credit product, this in itself would have a huge impact on the industry.

As a consequence of the inevitable tightening of the rules under which PPI can be sold, costs and charges across a wide range of other financial products

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