FSA promises tougher action on mis-sold PPI
Category: PPI. Date published: 09/10/2008
Last week the FSA announced it would take a hard line against anyone who has mis-sold PPI. The managing director of the FSA’s retail markets said “We will intervene to ensure consumers are protected and are considering what regulatory powers are the most appropriate to deliver fair outcomes”.
Which? Magazine found that one couple had paid £23,000 in premiums on a loan of £56,000.
This week the Alliance & Leicester has been fined £7m by the FSA for “serious breaches in its phone selling techniques” the largest fine issued to date for miss-selling PPI.
The FSA have said that the failings of the Alliance & Leicester are the most serious they have found to date, with the bank training it’s staff to put pressure on customers when they queried the premium (PPI) being included with their loan/mortgage.
So as more and more banks get fined what are YOU going to do if you were mis-sold PPI?
Visit the moneycloud PPI page and read all the information we have made available to you. Get to know what you can and can’t do to determine if PPI was mis-sold to you, www.moneycloud.co.uk/ppi .
If we find you have been mis-sold then you can look forward to receiving your hard earned cash back!
