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having less customer knowledge of PPI terms has played a specific role in this context.

Reckless cross-selling was driven because of the exact same market problems that have actually manifested on their own into the context of high-cost credit – information asymmetry between creditors and credit intermediaries, in the one hand, and customers, in the other, along with the extensive exploitation of customer behavioural biases by credit providers. Being inspired by remuneration plans that award volume-based product sales, nonetheless, creditors and credit intermediaries have lacked adequate incentives to fix consumer that is irrational and acceptably notify customers in regards to the item terms (cf. European Parliament 2014, p. 62).

The problem of commissions payable to creditors and credit intermediaries by 3rd parties deserves mention that is special. Continue reading