Liberal Democrats in Business
News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum
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Liberal Democrats in Business News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum |
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Protection Insurance Review Welcome12.47.00pm GMT Thu 8th Dec 2005 Responding to the announcement today by the Office of Fair Trading that they are to launch a market study in to the operation of Payment Protection Insurance (PPI), Vince Cable MP, Liberal Democrat Shadow Chancellor said: "I wrote to the Office of Fair Trading (OFT) in December 2004, and again in September this year to ask them to investigate the lack of competitiveness in the PPI market. "The Financial Services Authority's damning report into PPI last month confirmed my fears on this subject so today's news is very welcome. "PPI is all too often sold inappropriately, with poor advice, and the level and structure of inducements and targets for sales staff are a major cause of mis-selling. "This is a huge industry, and huge profits are being made at the expense of consumers."
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[ Related News Stories:Fri 4th Nov 2005: [FSA Must Clamp Down on Payment Protection Insurance Mis-selling - Cable] Published and promoted by Liberal Democrats in Business, 4 Cowley Street, London SW1P 3NB. The views expressed are those of the party, not of the service provider. |
