Single premium PPI 'should be banned by Competition Commission'

The sale of single premium payment protection insurance (PPI) should be banned by the Competition Commission, according to a consumer group representative.

Lucy Widenka, personal finance campaigner at Which?, said that while a total of five banks have already banned the sale of single premium PPI, other firms have not voluntarily taken this initiative.

As a result, she said the Competition Commission should get involved by issuing a blanket ban on sales of single premium PPI.

Ms Widenka also explained that consumers who currently hold a single premium PPI policy who feel that they have been mis-sold the product should look into the terms of their policy to see if they can reclaim their money.

Research from Which? indicates that one-third of all consumers with a PPI policy may never be able to claim on it, as they are not eligible for the cover.

Some people over the age of 65, people with pre-existing medical conditions, those who are self-employed or people who have a fixed-term job contract are often not covered by such policies.



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