Sale of PPI alongside loans is banned
The sale of payment protection insurance alongside unsecured and secured loans has been banned by the Competition Commission.
The insurance, which covers the repayments on loans if the borrower is unable to work.
Secured loan providers are no longer allowed to sell single-premium policies, where the cost of PPI is tacked on to the cost of the loan.
Borrowers wishing to take out PPI are able to do so seven days after the loan has been taken out.
