The Competition Commission has been conducting an in-depth review of the payment protection insurance sector after a referral from the Office of Fair Trading, and following on from the Financial Services Authority who began investigation in 2005. There have been many problems within the sector including high premiums being charged for the cover and just recently the Competition Commission announced that banks are raking in 80% of the premiums that they charge for payment protection in profits.
As a result of this the Competition Commission are exercising their legal rights by forcing the sector to reveal the profits made from the cover. With consumers paying out over 4 billion for payment protection cover last year alone banks are reluctant to reveal how much of this is profit.
Payment protection is sold alongside borrowing such as loans and credit cards when consumers take out the borrowing. It has even been known to have been included in with the cost of the loan without the consumer being aware. Not only is the cover very expensive when taken out this way but very little information is given regarding the key facts and exclusions which exist in all payment...
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