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Who's been fined by the FSA?
The following is a list of some of the firms who have been fined by the Financial Services Authority for mis-selling PPI. Other's are under investigation:
| Firm |
Date |
Fine |
| Egg Banking plc The FSA found serious failings in its credit card PPI sales by telephone between Jan 05 and Dec 07 |
Dec'08 | £721,000 |
| Alliance & Leicester The highest fine to date by far for serious failings in its PPI telephone sales between Jan 05 and Dec 07 |
Oct'08 | £7,000,000 |
| Liverpool Victoria Banking Services Ltd The FSA found serious failings in the sale of single premium PPI on telephone loans sold betweeen 14 January 2005 and 8 August 2007 |
Jul'08 | £840,000 |
| Land of Leather Ltd Allowed its sales force to sell PPI, between May 2006 and Feb 2007, without effective monitoring or training |
May'08 | £210,000 |
| HFC Bank Limited - Trading as “Household Bank” and Beneficial Finance” Put customers at an unacceptable risk of being sold PPI when it was not suitable for them. Failings took place in branches between Jan 2005 and May 2007 |
Jan'08 | £1,085,000 |
| Hadenglen Home Finance Plc | Sep'07 | £133,000 |
| Capital One Bank (Europe) Ltd Failed to ensure that 50,000 customers buying credit cards and loans between January 2005 and April 2006 received important information about the policy |
Feb'07 | £175,000 |
| GE Capital Bank Ltd (supplies cards for Asda, Comet, Debenhams and Topshop amongst others) Inappropriate sales of its store cards and credit cards |
Jan'07 | £610,000 |
| Redcats (Brands) Ltd Also found not to have adequate systems and controls in place to minimise the risk of unsuitable sales |
Dec'06 | £270,000 |
| Loans.co.uk Did not have appropriate systems and controls to minimise the risk of unsuitable sales |
Oct'06 | £455,000 |
| Regency Mortgage Corporation Did not collect sufficient information during a PPI sale to ensure its recommendations met customers' demands and needs |
Sep'06 | £56,000 |
If you have taken out Payment Protection Insurance with any of the above firms you may be entitled to compensation. We would recommend that the firm be contacted to justify to you that the policy was sold with your best interests in mind.
Please contact us for further details.
Debt Restructuring Solutions is a trading name of DRS (GB) Limited, Company Reg No 4281157, Consumer Credit Licence No 511357, Registered office address York House, 4 Sheepscar Way, Leeds, LS7 3JB. Regulated by the Ministry of Justice in respect of regulated claims management activities. Registration No CRM17994; its registration is recorded at the website http://www.claimsregulation.gov.uk/