Payment Protection Insurance Market Investigation Order 2011

The CMA proposes to launch a limited review of the Payment Protection Insurance Market Investigation Order 2011 (the Order) in response to the introduction of the Insurance Distribution Directive.

The Order states PPI providers must provide policy holders with policy summaries which contain a summary of the PPI policy in a prescribed format. The Insurance Distribution Directive, when transposed into UK law, will mandate that PPI providers must provide policy holders with an Insurance Product Information Document (IPID), which will contain similar information to the summary in the Order.

We are considering a variation to the Order to avoid this duplication.