On 2 August 2018, the Competition and Markets Authority (CMA) announced that it was 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) and it published an invitation to comment containing two possible options for variation of the Order.
On 6 September 2018, the CMA updated its webpage on the review of the PPI Order to give the information that following consultation and having taken into account the submissions of a number of parties, it has decided to undertake a review of the PPI Order and published the decision to undertake the review.
The CMA was reviewing the PPI Order to assess whether its information requirements remain appropriate in light of the requirements of the IDD. The purpose of the review is to ensure consumers continue to receive appropriate information and that suppliers of PPI have clear and consistent obligations for the information they need to provide to consumers. The review focused exclusively on this matter and the CMA did not carry out a full review of the PPI Order. The CMA invited views supported by relevant evidence concerning the three options for variation of the PPI Order outlined in its decision to undertake the review.
Comments were requested by 21 September 2018. On 27 September 2018, the CMA announced that it had made a provisional decision that a relevant change of circumstances has occurred and it would be appropriate to vary the Order. The CMA has launched a consultation on this decision which closes on 29 October 2018.