Payment Protection Insurance

EDM number 1724 in 2007-08, proposed by Lindsay Hoyle on 09/06/2008.
Categorised under the topics of Competition, Consumers and Financial services.

That this House notes the report by the Competition Commission which highlights the fact that companies face little or no competition when selling payment protection insurance (PPI) to customers, and as a result customers are being overcharged by £1.4 billion per year; recognises that the vast majority of PPI plans are sold by banks, mortgage companies and credit card providers at the same time as the customer takes out a loan or other type of credit; and supports the recommendations by the Competition Commission to increase competition in this market and ensure that customers are aware of alternative PPI providers, thus helping to reduce the cost of payment protection insurance.

This motion has been signed by a total of 48 MPs.