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PPI Sale Ban Confirmed
Posted by H3 on 2011-03-25 16:31:21 GMTThe banning of payment protection insurance at point of credit sale has now been confirmed by the Competition Commission. A seven day gap between the quote being issued and the PPI sale must be followed. A number of additional rules have also been introduced.
Included in the rules is the requirement to provide a personal quote showing the cost along with details of the cover provided and give information about its cost and other warnings such as that payment protection is optional, and available from other providers.
Other rules are for information requirements, including the need to provide information to the Office of Fair Trading, to provide claims ratios on request, and provide an annual statement confirming the cost of the insurance and the consumers right to cancel. Larger providers will need to undergo independent mystery shopping exercises.
Some of the information requirements come into effect October 1st and the point of sale ban on April 6th 2012.
