Financial Services Authority (FSA) – Findings
- Better Practice on PPI Sales
- FSA Update on PPI Sales
- Sale of PPI Policies – Thematic Report (Opens PDF)
- General Information on PPI Policies
- PPI Mystery Shopper Report
Financial Services Ombusdman Uphold 89% of PPI Mis-Selling
Competition Commission PPI Investigation Research
- Terms of Reference Information
- PPI Issue Statements
- PPI Emeging Thinking Reports
- Notice of Provisional Findings
- Possible PPI Remedies
FSA Fines for Mis-Selling PPI Policies
- Alliance & Leicester Fined £7 Million
- HFC Bank Fined £1 million
- LVBS Fined £840,000
- Egg Fined £721,000
- GE Capital Fined £610,000
- Loans.co.uk Fined £455,000
- Redcats Fined £270,000
- Land of Leather Ltd Fined £210,000
- Capital One Fined £175,000
- 5 Motor Dealers Fined £175,000
- Hadenglen Fined £133,000 plus..
- Regency Mortgages Fined £56,000
BBC News Article on:
Many people are still being misled into buying payment protection insurance (PPI) to cover their credit card payments, Which? claims.
A survey for the consumers’ association suggests that nearly 10 million people have a PPI policy with their cards.
But 13% – 1.3 million – bought it under the mistaken belief it was compulsory or would improve their chances of having their card application approved.
CAB Press Release on:
Payment protection insurance is failing many of those who need it most, adding to their debts instead of protecting them against hard times, a new report from national charity Citizens Advice says today.
The report – published at the start of Advice Week 2005*** – says the insurance sold to cover credit payments in the event of illness or job loss is often very expensive, mis-sold to people who cannot possibly claim on it, and designed to exclude many of the most common situations that can lead to debt problems.
Citizens Advice is making a ‘super complaint‘ to the Office of Fair Trading, calling on them to launch an investigation into the payment protection insurance (PPI) business, which has an estimated 20 million policies in force and produces annual revenue in excess of £5 billion.
Based on evidence from 270 Citizens Advice Bureaux around the country – says that in many cases it is more about providing an additional source of profit for the financial industry than about protecting consumers.
Problems occur in nearly all sectors of the consumer credit market – from non-status mortgage lenders and hire purchase companies to major high street banks and credit card companies.