Capital One is next for PPI fine

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The Financial Services Authority has fined Capital One £175,000 for failing to have adequate systems and controls for selling payment protection insurance and for failing to treat its customers fairly.

From January 2005 to April 2006, the FSA says Capital One failed to ensure 50,000 customers received policy documents about their credit card PPI policies and they were therefore unable to check what they were covered for and if the policy was right for them. In addition, the FSA found: Two out of four script options used by its sales associates did not ask the customer for consent explicitly to receive only limited information over the telephone; The scripts did not ensure adequate disclosure in enough cases of policy features and benefits and policy exclusions and limitations; Cap...

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