Artículos relacionados a Market investigation into payment protection insurance
Sinopsis
The Office of Fair Trading (OFT) referred the supply of Payment Protection Insurance (PPI) to non-business customers of the UK to the Competition Commission for investigation under s. 131 of the 2002 Enterprise Act on 7 February 2008. The Commission's provisional findings were published in June 2008 (ISBN 9780117038622). PPI covers repayments on the insured credit product if the borrower suffers an insured event, usually accident, sickness, unemployment or death. PPI is sold to cover a variety of credit products, but over 90% of the PPI sold in the UK in 2006 was either personal loan PPI (PLPPI), credit card PPI (CCPPI), mortgage PPI (MPPI) or second-charge mortgage also known as secured loan PPI (SMPPI). Other forms of PPI include motor insurance and retail finance. Most PPI policies are sold by distributors at the point of sale of the credit being insured. The PPI policies sold are underwritten by insurers. In 2006 customers in the UK paid £4.4 billion in premiums to be covered by PPI policies and such policies are usually sold either face-to-face; over the telephone or via the internet. PPI policies are paid either through a regular monthly premium or a single premium, which is added to the loan amount when the loan is agreed. The Competition Commission found that each credit provider and financial intermediary faces little competition for the sale of PPI when it is sold in combination with credit it insures. The lack of competition makes PPI highly profitable, with the Commission estimating that the 12 largest distributors of PPI make profits in excess of the cost of capital of £1.4 billion in 2006. To address the lack of competition, the CC will be introducing a package of measures to introduce competition in the market including: a ban on the sale of PPI during the sale of the credit product and for seven days afterwards, a prohibition on single-premium policies, personal PPI quotes, annual statements and measures to make sure that improved information is available to consumers to make it easier for them to compare and search for products and switch policies at a later point.
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Reseña del editor
The Office of Fair Trading (OFT) referred the supply of Payment Protection Insurance (PPI) to non-business customers of the UK to the Competition Commission for investigation under s. 131 of the 2002 Enterprise Act on 7 February 2008. The Commission's provisional findings were published in June 2008 (ISBN 9780117038622). PPI covers repayments on the insured credit product if the borrower suffers an insured event, usually accident, sickness, unemployment or death. PPI is sold to cover a variety of credit products, but over 90% of the PPI sold in the UK in 2006 was either personal loan PPI (PLPPI), credit card PPI (CCPPI), mortgage PPI (MPPI) or second-charge mortgage also known as secured loan PPI (SMPPI). Other forms of PPI include motor insurance and retail finance. Most PPI policies are sold by distributors at the point of sale of the credit being insured. The PPI policies sold are underwritten by insurers. In 2006 customers in the UK paid £4.4 billion in premiums to be covered by PPI policies and such policies are usually sold either face-to-face; over the telephone or via the internet. PPI policies are paid either through a regular monthly premium or a single premium, which is added to the loan amount when the loan is agreed. The Competition Commission found that each credit provider and financial intermediary faces little competition for the sale of PPI when it is sold in combination with credit it insures. The lack of competition makes PPI highly profitable, with the Commission estimating that the 12 largest distributors of PPI make profits in excess of the cost of capital of £1.4 billion in 2006. To address the lack of competition, the CC will be introducing a package of measures to introduce competition in the market including: a ban on the sale of PPI during the sale of the credit product and for seven days afterwards, a prohibition on single-premium policies, personal PPI quotes, annual statements and measures to make sure that improved information is available to consumers to make it easier for them to compare and search for products and switch policies at a later point.
Reseña del editor
On 7 February 2007 the Office of Fair Trading (OFT) referred the supply of all Payment Protection Insurance (PPI) (except store card PPI) to non-business customers in the UK to the Competition Commission (CC) for investigation under section 131 of the Enterprise Act 2002. The reference followed the receipt of a super-complaint about PPI on 13 September 2005 from Citizens Advice. This document, together with its appendices, constitutes the CC's final report. PPI covers repayments on the insured credit product if the borrower suffers an insured event - usually accident, sickness, unemployment or death (referred to as life cover.) PPI is sold to cover a variety of credit products, but nearly 95 per cent of PPI sold in the UK in 2007 is either personal loan, credit card, mortgage or second-charge mortgage. Two other types of PPI are also covered in this report, motor finance and retail finance. In investigating PPI this report considers customers, market definition, the extent of competition between PPI providers and factors affecting the nature and extent of this competition. It also looks at potential benefits to consumers in comparing PPI policies and if there are barriers to search for comparable policies. The report also identifies barriers to switching PPI and to entry and expansion. Having considered the distribution of PPI in-depth, the report looks at the underwriting of PPI and whether any adverse effects on competition (AECs) arise from a PPI policy distributed by a company being underwritten by a company within the same group. The report then goes on to identify the features of the markets for PPI which, alone or in combination, prevent, restrict or distort competition in the supply of PPI to non-business customers in the UK. Finally, the report sets out the remedial action the CC intends to take. This includes a package of remedies to form a comprehensive solution to the AECs and detrimental effects on customers resulting from the AEC. The report makes use of a variety of financial industry publications and data sources such as; Mintel UK Credit Insurance reports, Defaqto payment protection insurance reports, Financial Services Authority (FSA), OFT reports and surveys and PPI Insight and Datamonitor reports. The CC also undertook qualitative research, two quantitative surveys and a quantitative experiment among PPI customers during the investigation.
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Market Investigation into Payment Protection Insurance: Volume I, Summary and Report and Volume 2, Appendices and Glossary
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The Stationery Office/Tso
ISBN 10: 0117067369
ISBN 13: 9780117067363
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Librería: Phatpocket Limited, Waltham Abbey, HERTS, Reino Unido
Calificación del vendedor: 5 de 5 estrellas
Condición: Good. Volume 2 only. Your purchase helps support Sri Lankan Children's Charity 'The Rainbow Centre'. Ex-library, so some stamps and wear, but in good overall condition. Our donations to The Rainbow Centre have helped provide an education and a safe haven to hundreds of children who live in appalling conditions. Nº de ref. del artículo: Z1-G-003-02237
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