Home
NewsBBA speaks out against PPI ban
BBA speaks out against PPI ban
Posted by Emily Jones
An organisation has spoken out against the provisional decision by the Competition Commission to pursue a point-of-sale prohibition for payment protection insurance (PPI) products.
According to the British Bankers' Association (BBA), the development is disappointing.
If the proposals go ahead, there will have to be a gap of seven days before PPI can be sold to people taking out mortgages and other forms of credit.
Responding to the judgement by the commission, the BBA remarked: "There is a real danger that this will result in fewer people taking out PPI, leaving them with no protection if they lose their job."
It added that the banning of firms from selling this form of protection alongside other products could result in more consumers becoming bankrupt as their debts will not be covered.
The association - which is headquartered in Pinners Hall, London - went on to claim that PPI provides individuals with peace of mind.
17/05/2010 15:34
News category: Consumer