UK Banks Banned From Some Credit Insurance Sales

Law360, New York (October 14, 2010, 3:28 PM EDT) -- Britain's competition authority has approved a ban on the sale of payment protection insurance in concert with sales of credit or loans, saying the move provides clear benefits for both customers and PPI providers.

The Competition Commission will move to introduce a remedies package banning such point-of-sale PPI policies after determining that some consumers would value the opportunity to reflect on their options, the commission said Thursday.

Furthermore, according to the commission, the ban will breed competition among PPI providers that is likely to result in...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.