FSA fines Loans.co.uk over £400k on PPI

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 ...