Payment protection insurance (PPI) policies will not be allowed to be sold when a borrower takes out a loan, the Competition Commission confirmed today.The Commission was asked to look again at its decision to ban sales of PPI at the point-of-sale after Barclays objected to the ruling, arguing it could disadvantage customers who wanted a policy.Today the Commission rejected that view, saying that customers will benefit significantly from the new rules. "In particular, these reforms will mean that PPI providers will, in future, face real competition where there is currently little. And, in consequence, the prices consumers currently pay for PPI will fall significantly," the Commission said.In future, lenders that sell PPI, which is designed to cover loan repayments in the event a borrower falls, ill, dies or loses their job, will have to wait seven days before it can be offered to customers.All forms of PPI are covered by the new rules except those sold with home catalogues. The implementation date has yet to be decided.