header-logo header-logo

Payment protection under scrutiny

15 February 2007
Issue: 7260 / Categories: Legal News , Property , Competition
printer mail-detail

News

The Competition Commission is inviting evidence from interested parties following the Office of Fair Trading’s (OFT’s) decision to refer the market for the supply of payment protection insurance in the UK to the commission.
The market reference follows an initial OFT study into the sector and a public consultation.

John Fingleton, OFT chief executive, says: “Our examination of the evidence presented to date gives us reasonable grounds to suspect that there are features of this market which restrict competition.

“Despite some evidence of a degree of consumer satisfaction with aspects of the product, the evidence as a whole suggests consumers get a poor deal. This referral will enable the Competition Commission to undertake a thorough investigation of the market and, if necessary, ensure that appropriate remedies are put in place.”

However, Michael Coogan, director general of the Council of Mortgage Lenders, says: “This referral sends out entirely the wrong message to consumers.

“While we will co-operate as fully as possible with the Competition Commission to examine the issues, we are extremely disappointed that the special and unique position of mortgage payment protection insurance has been ignored by the OFT in reaching this counter-productive decision.”
Interested parties are asked to write to the commission before 2 March 2007.

More information is available at www.competition-commission.org.uk.
 

Issue: 7260 / Categories: Legal News , Property , Competition
printer mail-details

MOVERS & SHAKERS

Birketts—trainee cohort

Birketts—trainee cohort

Firm welcomes new cohort of 29 trainee solicitors for 2025

Keoghs—four appointments

Keoghs—four appointments

Four partner hires expand legal expertise in Scotland and Northern Ireland

Brabners—Ben Lamb

Brabners—Ben Lamb

Real estate team in Yorkshire welcomes new partner

NEWS
Robert Taylor of 360 Law Services warns in this week's NLJ that adoption of artificial intelligence (AI) risks entrenching disadvantage for SME law firms, unless tools are tailored to their needs
From oligarchs to cosmetic clinics, strategic lawsuits against public participation (SLAPPs) target journalists, activists and ordinary citizens with intimidating legal tactics. Writing in NLJ this week, Sadie Whittam of Lancaster University explores the weaponisation of litigation to silence critics
Delays and dysfunction continue to mount in the county court, as revealed in a scathing Justice Committee report and under discussion this week by NLJ columnist Professor Dominic Regan of City Law School. Bulk claims—especially from private parking firms—are overwhelming the system, with 8,000 cases filed weekly
Writing in NLJ this week, Thomas Rothwell and Kavish Shah of Falcon Chambers unpack the surprise inclusion of a ban on upwards-only rent reviews in the English Devolution and Community Empowerment Bill
Charles Pigott of Mills & Reeve charts the turbulent progress of the Employment Rights Bill through the House of Lords, in this week's NLJ
back-to-top-scroll