Competition Commission's findings into retail PPI

Commenting on the Competition Commission's findings into retail PPI (RPPI), Rob Barnes, head of shopping at price comparison site moneysupermarket.com, said: "Brits across the country are undoubtedly watching their pennies as the credit crunch takes full hold. Wallets are being hard hit so these findings into the sale of RPPI come at a crucial time.

"For shoppers buying electrical goods, furniture and clothes using a retail credit account, through a catalogue for example, RPPI will be an attractive add-on to ensure repayments can be met. However, as we've seen with other PPI products, the lack of competition in this market results in a highly profitable business for providers, and confusion reigns for people purchasing it.

"While the RPPI market remains relatively small there's a clear need for standalone products and advice for buyers. Consumers in need of such a product should be able to compare both standalone and bundled RPPI offerings with confidence and ease. The ability to swap products should be available too - it's a shame restrictive policy small print and bundling with other products is currently a hindrance.

"We strive for the empowerment of consumers and call for a more competitive market for RPPI to go some way towards achieving this."