Commenting, Robert Sinclair, director at the Association of Mortgage Intermediaries (AMI), said: “AMI is disappointed that the Commission has not recognised the differences in the products and sales processes surrounding intermediated and direct mortgage PPI advice and sales. The Commission should have treated these two channels differently.
“The introduction of 7 day waiting periods or 24 hour consumer deferment will add cost and complexity to an already lengthy sales process.
“The proposed advertising and statementing provisions are likely to increase shopping around by consumers. However, consumers need to be aware that if they transfer a policy they might then not be insured due to any recently arisen medical conditions.
“Many consumers benefit from this protection and we hope that the changes demanded by the Competition Commission do not increase the numbers of vulnerable individuals who will then be wholly reliant on state benefits.
“We will continue to monitor developments closely and will inform members of changes they will need to make when dates are confirmed.”