Barclays appeals on PPI clampdown

[enaid]

Barclays has challenged the legality of the competition watchdog's clampdown on the sale of payment protection insurance (PPI).
The Competition Appeal Tribunal said on Friday that Barclays was challenging aspects of Competition Commission findings announced in January.
Most notably, the bank is challenging the decision to force companies to wait seven days to sell PPI to any customer who takes out a credit agreement.
No dates for the CAT hearings have been set.
PPI covers repayments on credit products if the borrower is unable to make repayments due to accident, sickness, unemployment or death. There are 12 million policies in Britain.

[natweststaffmember]

Re: Barclays appeals on PPI clampdown

Barclays said: "The appeal does not challenge the whole report but is targeted specifically against two points. The main area of concern is the point of sale ban which, it is felt, is not justified by the evidence that has been provided. Additionally, the scope of the market definition set by the Competition Commission is being challenged.
"The decision to appeal these points has not been taken lightly. However, Barclays will continue working on the implementation of all of the remedies contained in the Competition Commission's report as they are applicable whilst the appeal is ongoing."
Barclays challenges restrictions on loan-insurance sales

[righty]

Re: Barclays appeals on PPI clampdown

Appealing cos they won't be able to say to borrowers "granting the loan depends on it" will they otherwise what's the problem waiting a few days

[natweststaffmember]

Re: Barclays appeals on PPI clampdown

Appealing cos they won't be able to say to borrowers "granting the loan depends on it" will they otherwise what's the problem waiting a few days

Do they still offer PPI? Or have they stopped doing that?

[righty]

Re: Barclays appeals on PPI clampdown

If they have stopped offering PPI why bother appealing :tinysmile_hmm_t2: