“Bad practice has been rife in the Payment Protection Insurance market for years. Not only are consumers being sold complex policies that they don’t understand, in many cases, they are not aware they can buy PPI elsewhere and some people are even misled into thinking getting PPI is a condition of the loan agreement.

“The Competition Commission is taking a stand; it is not banning PPI altogether, it is simply trying to create a fairer system and this can only be good for the consumer.”

If you think you have been mis-sold Payment Protection Insurance you can make a complaint today through Fairinvestment.co.uk.