On 2 August 2018, the Competition and Markets Authority (CMA) announced that it is proposing to launch a limited review of the Payment Protection Insurance Market Investigation Order 2011 (the Order) in response to the introduction of the Insurance Distribution Directive (IDD).
The Order states that PPI providers must provide policy holders with policy summaries which contain a summary of the PPI policy in a prescribed format. The IDD, when transposed into UK law, will mandate that PPI providers must provide policy holders with an Insurance Product Information Document (IPID), which will contain similar information to the summary in the Order.
The CMA is considering a variation to the Order to avoid this duplication and it has published an invitation to comment containing two possible options for variation of the Order. Responses to this are requested by 23 August 2018. The CMA says that it does not propose to carry out a full review of the Order at this time.