uSwitch.com: Competition Commission's final PPI report

Louise Bond, Personal Finance Manager at uSwitch.com, comments on the Competition Commission's final PPI report: "Today's final report from the Competition Commission strongly indicates that the PPI market will be changing for the better giving people time to shop around for the best deal. It is, however, unfortunate that mis-selling ran rife and unchecked in the industry for so long, and that providers have to be forced to do the right thing. Although some banks have already withdrawn single premium policies, it could be because they are safe in the knowledge that they have already protected their margins by steadily increasing loan and credit card rates."

Bond concludes: "In the current climate with unemployment currently standing at 1.92 million - a figure set to rise further this year - there has never been a more prominent place in the market for PPI products. However, these policies must be sold to the right people in the right way. More also needs to be done to address the negative ratio between the number of policy holders and the number of successful claimants. This could be attributed to people being sold unsuitable products in the past, whereby they would stand no chance of a claim being upheld."