PPI review taking too long

The Office of Fair Trading (OFT) referred the PPI market to the CC in February, following concerns over the state of the market, but Simon Burgess, managing director at British Insurance, urged the CC to alter the time frame for its investigation.

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He said: “Given the seriousness of the OFT’s allegations, I’m astounded the CC isn’t moving more quickly to prevent consumers being ripped off and suffering financially.”

He added: “We’ve got to wait four months before the so-called ‘thinking’ document appears. Enough research has been carried out, so why has the CC set a deadline for February 2009 for the implementation of remedial measures? This is unacceptable.”

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Shane Craig, managing director at Paymentcare, commented: “The timetable is clearly set out, and the CC has to undertake a root and branch investigation of the market. There are major issues within the industry that have to be addressed by the investigation. Everyone in the industry would like a speedy solution, but realistically that is not going to happen. Rome wasn’t built in a day.”