moneysupermarket.com comments on the Competition Commission's report into PPI

Commenting on the Competition Commission's report into PPI, Tim Moss, head of loans at price comparison site moneysupermarket.com, said:

"This study may well bring a return to old-fashioned banking where the headline rate told you everything about a loan.

"Lenders may have to go back to the days where they made their money out of the interest rate they charged, rather than the additional products they sell.

"There will be more transparent pricing, but market-leading loans could well go from six or seven per cent up to eight or nine per cent, if PPI is clamped down on.

"Rates would have to go up to replace lost profits.".

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