Industry initiative key to customers making informed decisions
Responding to the Competition Commission's consultation into the Payment Protection Insurance (PPI) market published today, Nick Starling, director of general insurance and health at the Association of British Insurers, said: “We are pleased that the Competition Commission is investigating this thoroughly and has found healthy competition between insurers and those companies who both underwrite and sell PPI.
"The FSA has repeatedly said that PPI is a valuable product. With total borrowing in the UK of £1.4 trillion and increasing by £373 million a day, consumers need financial protection more than ever.
"The Competition Commission and the FSA recognise the impact of industry initiatives, such as making it clear to consumers that this insurance is optional. This allows consumers to make an informed choice about protecting their loan repayments.”