Following a public consultation the Office of Fair Trading (OFT) has referred the UK payment protection insurance (PPI) market to the Competition Commission for further investigation. The OFT’s reasons for making the reference have been published in a document entitled Payment protection insurance - The OFT’s reasons for making a reference to the Competition Commission.
The OFT Chief Executive stated:
“Despite some evidence of a degree of consumer satisfaction with aspects of the product, the evidence as a whole suggests consumers get a poor deal. This referral will enable the Competition Commission to undertake a thorough investigation of the market and, if necessary, ensure that appropriate remedies are put in place.”