Liberal Democrats in Business

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PPI Failing Consumers - Cable

4.32.54pm BST (GMT +0100) Thu 19th Oct 2006

Dr. Vincent Cable MP

Liberal Democrat Shadow Chancellor, Vince Cable MP

Responding to the Office of Fair Trading (OFT) announcement on Payment Protection Insurance (PPI), Liberal Democrat Shadow Chancellor, Vince Cable MP said: "The OFT's announcement proves what many have been saying for years. PPI is complex, expensive and often fails those who need it most.

"The principle of PPI is a good one but it has been turned into a cash-cow by greedy banks abusing a deeply uncompetitive market. Many consumers are being ripped off.

"The responsibility now falls to the Government in conjunction with the industry to produce some sort of low cost, transparent and reliable product to ensure that millions of families have the right protection in case of unemployment or illness."

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