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Oft To Probe Ppi Market In '06

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The FSA / Citizens Advice Bureau have finally gotten the OFT to see sense and investigate Payment Protection Insurance, which many of us suspect to be nothing more than a way of increasing margins on lending.

If the OFT find against the industry, it could well mean higher indemnity costs for the issuers of the debt and that might mean higher lending rates / more rigouirous lending criteria.

For more see:

OFT to carry out a market study into payment protection insurance, 8 December 2005

Case for OFT investigation into payment protection insurance now overwhelming, says Citizens Advice, 04-11-2005


Not familiar with this? : PPI is applied to a number of credit products including mortgages, loans, credit and store cards, and protects a borrower's ability to pay the loan in case of accident, sickness or unemployment. Around 6.5 to 7.5 million policies are taken out each year and it was estimated in 2003 that £5.4 billion in premiums were generated.

Edited by Sledgehead

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