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CML admits PPI study ‘likely to take two years’
21 April 2007
The Council of Mortgage Lenders (CML) has updated its guidance for payment protection insurance (PPI) and indicated that the study is likely to take a number of years.
Following the decision by the Office of Fair Trading (OFT) to report the PPI and mortgage payment protection insurance (MPPI) markets to the Competition Commission (CC), the industry has taken steps to improve dealings in these areas. In its review of the PPI market, the CML stated that ‘the inquiry is likely to be an extensive market analysis involving detailed information gathering through written and oral submissions over one to two years, and culminating in a recommendation of remedies to the government’.
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In its initial response, the CML admitted its disappointment that MPPI had been included in the review referred to the CC, but Shane Craig, managing director at Paymentcare, admitted that the commission, and regulator, needed time to look at all of the information and nuances of the market and the differences between PPI and MPPI. He said: “The CC is looking at competition issues and not regulatory issues such as selling practices and so on, which the Financial Services Authority is handling. For this reason it will take some time filtering through all of the information to reach the best informed outcome.”