The Financial Services Authority has fined Loans.co.uk Limited £455,000 for failing to treat its customers fairly when selling payment protection insurance.
The firm sells PPI on an advised basis over the telephone, but the FSA says it failed to gather and record information to show the policy recommendations it made were suitable. Customers did not receive enough information at the point of recommendation to make an informed decision about the PPI policy being offered and therefore they could not be sure if the recommendation was the right option for them. The FSA says the breaches were particularly serious because they exposed approximately 14,400 customers to the risk of unsuitable PPI. In addition, the firm failed to have appropriate com...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes