Competition Commission lays down rules over sale of PPI
The Competition Commission (CC) has published a list of requirements relating to the sale of payment protection insurance (PPI) in a bid to remedy the point of sale issues that have dogged he sector.
The following will be introduced for all forms of PPI including short-term income protection (but excluding retail PPI):
• a prohibition on selling PPI at the point of sale of the credit until after seven days after the credit sale or, if later, seven days after the supply of a personal PPI quote (`point of sale prohibition´);
• an obligation to provide a personal PPI quote, setting out the cost of PPI along with details of the cover provided;
• an obligation to provide information in marketing
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