In addition to being an unpleasant hazard of changing nappies, PPI is generally regarded as one of the murkier of the many tributaries that flow into the great river of insurance.
Following its provisional decision in May this year that PPI ought probably to be banned at point of sale, the Competition Commission has spent the last couple of months looking into a minor tributary of the aforementioned tributary, retail payment protection insurance (stuff bought from catalogues, that kind of thing – let’s call it RPPI).
RPPI was excluded from the CC’s earlier pronouncements, but now they’ve had a good look at how it is sold, the commission have come up with a document suggesting consumers should be given a bit more information about what RPPI will cost them and what rights they have to decline it.
The commission is not convinced it’s worth the bother of banning RPPI at POS, but is inviting comments and will make a decision in September when it takes a view on whether to ban POS sales for other forms of PPI.
We just knew you’d want to know about that.