PPI and Firms fined by the FSA
The FSA has fined a number of firms over PPI misselling, so here is the main list I have with date of FSA press release and how much and details of policies affected where I could find them.
Regency Mortgages (5/09/06) Fined £56000. Review of policies sold between 14/01/06 and 31/10/2005.
Loans.co.uk. (26.10.2006). Fined £455,000. Affected 14,400 customers.
Redcats(Brands) Limited (20.12.2006) Fined £270,000. Affected 160,100 policies
GE Capital Bank (30.1.2007). Fined £610,000. This could have affected up to 850,000 policies sold through retail outlets across the UK(Store Cards, Credit Cards, and sales finance) figures are for 2005 only
Capital One Bank(Europe) Plc (15/2/07) Fined £175,000. 50,000 customers exposed to failure. Credit Card sales. Between January 2005 and April 2006.
Hadenglen Finance plc fined £133,000 and Chief Executive £49000. (6/9/2007)
PPI missold affected 2000 re mortgagee's and 1990 ppi after research by FSA in March 2006.
HFC Bank Ltd. (16.01.2008) Fined £1,085,000. January 2005 to May 2007 failure. It affected 163,000 policies taken out in that time(of which 124,000 were unsecured loans).
If you others please can you add to them in the format above thanks or give me the name and I will sort it.
Re: PPI and Firms fined by the FSAFSA fines five motor dealers for PPI failings
21 August 2008
The Financial Services Authority (FSA) has today imposed fines totalling more than £175,000 on five motor retailers for serious breaches relating to the sale of Payment Protection Insurance (PPI), which exposed a total of 2,175 customers to the risk of being sold unsuitable PPI policies.
GK Group Limited, George White Motors Limited, Ringways Garages (Leeds) Limited, Ringways Garages (Doncaster) Limited and Park’s of Hamilton (Holdings) Limited sold PPI alongside loans for a car or motorbike.
Among the shortcomings identified:
- the firms failed to gather enough information about each customer (including pre-existing medical conditions, existing insurance cover and benefits received from employers), creating the unacceptable risk of unsuitable sales of PPI;
- the firms failed to monitor the quality of the advice given by sales staff and to ensure that appropriate sales processes were followed; and
- one firm did not adequately assess whether customers were eligible to claim for benefits from the PPI policies they sold, and another did not assess complaints properly.
"Motor retailers that sell PPI have to meet the same standards as the rest of the financial services industry. All firms selling PPI must treat their customers fairly, including taking proper steps to make sure sales are suitable and customers are eligible to claim on the policy - PPI remains a top priority for the FSA in 2008 and beyond.
"Where we discover PPI failings, we will not hesitate to take tough action and impose higher penalties."
Each of the firms qualified for a 30% reduction in penalty by settling at an early stage of the FSA’s investigation. The FSA imposed financial penalties of £51,100 on GK Group Limited (£73,000 pre-discount), £28,000 on George White Motors Limited (£40,000 pre-discount), £61,600 on Park’s of Hamilton (Holdings) Limited (£88,000 pre-discount) and £35,000 together for Ringways Garages (Leeds) Limited & Ringways Garages (Doncaster) Limited (£50,000 pre-discount).
Some of the firms have stopped selling PPI as a result of feedback from the FSA's visit. The FSA also took into account improvements made by the firms including writing to all affected customers and paying compensation where appropriate, reviewing sales processes and taking steps to develop their sales staff. The firms fully co-operated with the FSA’s investigation...........must get around to that
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