PPI Profits Must Be Lowered
It is meant to be some time this week that the Competition Commission insists that the financial institutions that make so much money from the payment protection insurance they sell, stop doing just that.
Reports have been flying around, and it has been made apparent that the CC are going to release a list of proposals that will outline to financial institutions, just what it is that they need to be doing, in order to rectify the problem.
In order for consumers to be given the chance to look around for a better deal, the wants the financial institutions to refrain from selling PPI to people, at the point of borrowing.
The profit figure being bandied about, in relation to PPI, is somewhere in the region of �1.4billion.
The FSA, (financial services authority) has suggested that financial institutions stop selling premium PPI, altogether.
It is not known when the recommendations are set for release.