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Credit card insurance regulation 'welcomed'

The new plans by the Competition Commission to regulate the selling of payment protection insurance (PPI) have been welcomed by a financial comparison website.

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24 July 2009

Credit card insurance regulation 'welcomed'”

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Fairinvest.co.uk said that the Competition Commission's proposals will add up to great news for credit card users and other consumers.

The comments follow an announcement by the commission that PPI can only be sold seven days after the product has been bought.

It is hoped that this will minimise the risk of consumers being pressured by lenders to take out the insurance.

Spokesperson for the Competition Commission Julie Smith said that good PPI can help credit card holders and other borrowers.

"Good quality payment protection insurance can help consumers to keep up with the repayments on their debts, such as mortgages, credit cards or loans, preventing them from falling into arrears or facing late payment fees, offering a financial safety net when they need it most," she said.

The Competition Commission is responsible for investigating mergers and markets and aims to ensure healthy competition among UK companies.

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16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
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17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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