The Competition Commission (CC) is to meet with banks early this year to discuss their proposal to ban the sale of Payment Protection Insurance (PPI) at the point of a borrowing being agreed. The proposal was put forward in January last year but Barclays appealed it and won, resulting in this new consultation.

The consultation will discuss the following points:

- Date when the new measures should start
- How the recession has affected PPI
- If the law change will affect the popularity of PPI
- Side affects of the 7-day ban

The main concern of the CC is that they believe consumers do not realise they have choice and can choose cover from another provider if they wish. In the past consumers have gone with their lenders offering only to later claim PPI compensation as the cover proved useless due to poor selling and advice. Also, in many cases cover from independent providers is cheaper than that offered by the credit provider and so represesnts better value for money.

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5. PPI Compensation Claims, Government Bail Outs and £13,800 Of Your Money