PAYMENT PROTECTION INSURANCE

Early day motion 1724, tabled 9 June 2008 by Lindsay Hoyle (Labour). Signed by 48 members.

That this House notes the report by the Competition Commission which highlights the fact that companies face little or no competition when selling payment protection insurance (PPI) to customers, and as a result customers are being overcharged by £1.4 billion per year; recognises that the vast majority of PPI plans are sold by banks, mortgage companies and credit card providers at the same time as the customer takes out a loan or other type of credit; and supports the recommendations by the Competition Commission to increase competition in this market and ensure that customers are aware of alternative PPI providers, thus helping to reduce the cost of payment protection insurance.

Signatures by party: Labour 27, Liberal Democrat 12, Conservative 3, DUP 2, Social Democratic and Labour Party 2, Independent 1, Plaid Cymru 1.