Released on: October 22, 2008, 6:26 am

Press Release Author: Shane Craig

Industry: Financial

Press Release Summary: TODAY'S latest findings by the Competition Commission on the
shortcomings of the retail payment protection insurance (PPI) market is one step
closer to the watchdog admitting they can see the elephant in the living room, says
Shane Craig of independent PPI provider Paymentcare.co.uk.

Press Release Body: How much longer do consumers have to wait before they are
offered affordable, flexible and appropriate protection?

Scrapping single premium point of sale PPI is an absolute priority. This weeks GBP7m
fine for Alliance & Leicester the latest in a series of massive fines slapped on
high street lenders for similar failings - is surely evidence enough that this
change is crucial.

It's getting on for four long years since the Financial Services Authority first
raised the issue of the mis-selling of PPI and all this time consumers have
continued to shell out huge sums on single premium policies.

With the frightening prospects facing millions of borrowers right now, if this isn't
the time to make some very rapid changes, I don't know when is.

Over the past few weeks we have already seen a substantial increase in the number of
worried borrowers applying for PPI and as the financial crisis continues to deepen,
there's likely to be another wave of people scrambling for cover before they fall
victim to the credit crunch.

There are a great many borrowers out there who want and need protection but right
now, far too many of them are either paying unnecessarily high sums for
inappropriate cover or going without.

It isn't fair to leave people to find out for themselves that, in fact, they do have
options.

Waiting until next February before the Competition Commission finally comes to a
decision on this issue is not good enough.

Web Site: http://paymentcare.co.uk/

Contact Details: Paymentcare Ltd,
CBTC,
Euxton Lane,
Euxton,
Chorley,
PR7 6TE.