Wednesday, May 14, 2008
Retailer fined £210,000 by FSA for PPI mis-selling
An FSA crackdown on payment protection insurance (PPI) sales practices across all retail sectors has seen a national retailer fined £210,000.
Its chief executive was also personally fined £14,000.
Any business selling insurance, including motor retailers, is required to have an FSA licence and follow strict procedures.
Furniture retailer Land of Leather was fined by the Financial Services Authority (FSA) after failing to have effective monitoring to ensure PPI was being sold fairly by its sales force.
As a result of the failings, around 58,000 customers were exposed to an unacceptable risk of buying unsuitable PPI products, the FSA said.
The FSA has been taking firm action on the high-value PPI industry in its Treating Customers Fairly (TCF) initiative.
DATED: 14.05.08
FEED: AM
Its chief executive was also personally fined £14,000.
Any business selling insurance, including motor retailers, is required to have an FSA licence and follow strict procedures.
Furniture retailer Land of Leather was fined by the Financial Services Authority (FSA) after failing to have effective monitoring to ensure PPI was being sold fairly by its sales force.
As a result of the failings, around 58,000 customers were exposed to an unacceptable risk of buying unsuitable PPI products, the FSA said.
The FSA has been taking firm action on the high-value PPI industry in its Treating Customers Fairly (TCF) initiative.
DATED: 14.05.08
FEED: AM
