Lib Dems back PPI campaign

The Liberal Democrats have backed Paymentcare’s campaign to get the Office of Fair Trading to force high street providers to label their payment protection cover with a ‘no obligation to buy’ warning.

Vincent Cable, shadow chancellor for the Liberal Democrats, has signed up to the campaign. In light of concerns about the potential mis-selling of PPI by high street providers, Paymentcare has called on the OFT to make several assurances.

As well as the no obligation warning it wants agreements to state that PPI is not conditional on the loan being granted, and would like to see single premium policies banned.

Shane Craig, managing director of Paymentcare, says: “The mis-selling of loan insurance is a continuing problem. Consumers are entitled to be sceptical when they realise high street banks and lenders have been ripping them off for years.”